Nio to officially launch Onvo brand on May 15, debut model to take on Tesla Model Y
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Nio will officially launch its Onvo brand on May 15, with the debut model, the Onvo L60, taking on Tesla's Model Y. The Onvo L60 will target the market for smart, all-electric SUVs for families in the RMB 250,000 yuan class. Nio aims to accelerate the arrival of its one millionth vehicle with the Onvo brand. The Onvo brand will have a lower BOM cost compared to the Tesla Model Y and will be built on a mature R&D, design, and manufacturing system.
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