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China's Nio launches Onvo brand to challenge Tesla's best-selling model

Published 2024-05-15, 08:18 a/m
© Reuters. FILE PHOTO: A logo of Nio is pictured on its car at the Beijing International Automotive Exhibition, or Auto China 2024, in Beijing, China, April 25, 2024. REUTERS/Tingshu Wang/File Photo
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© Reuters. FILE PHOTO: A logo of Nio is pictured on its car at the Beijing International Automotive Exhibition, or Auto China 2024, in Beijing, China, April 25, 2024. REUTERS/Tingshu Wang/File Photo

SHANGHAI (Reuters) - Chinese electric vehicle maker Nio on Wednesday launched the first vehicle under its new brand Onvo to be priced at a lower range and which aims to compete with Tesla (NASDAQ:TSLA)'s Model Y, the world's best-selling EV.

Nio chief executive William Li launched the Onvo L60 SUV in Shanghai, saying the company aimed to take on Toyota Motor's RAV4 and Tesla's Model Y to provide family cars with a balance in product experience and ownership costs.

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