Although Nio, a Chinese electric vehicle maker, now only sells a small portion of cars sold by companies like Tesla and BYD, it is prepared to launch two new brands, Onvo and Le Dao, to increase sales by providing EVs at a lower price point than its own premium models.

Families are the target market for Onvo, which unveiled its debut model on Wednesday—the L60 compact crossover. While Le Dao is a Chinese name, Onvo means “on voyage” and means “path to happiness.”

Starting at 219,900 renminbi (about $30,500), the L60 is priced in China 12% cheaper than the Tesla Model Y, which has a starting price of 249,900 renminbi ($35,600). Delivery is scheduled to begin in September.

Under the code name Firefly, Le Deo is still in circulation. Its primary focus will be on small electric vehicles (EVs) for urban settings, with prices anticipated to fall below $30,000.

Eventually, both brands will be available outside of China, particularly in Europe, where Nio has already made inroads. Last week, the Biden administration raised the 25% tariff on electric vehicles manufactured in China to 100%.

With a length of 190 inches, the L60 is little longer than the Model Y. As a result, the inside is larger than that of the Tesla.

Options for batteries include packs of 60, 90, and 150 kwh. The 150 kWh device uses Welion battery cells, a semi-solid state battery made in China. The battery can give about 650 miles of range in conditions close to freezing, according to a demonstration conducted using a Nio ET7 last year.

Additionally, Onvo vehicles will have access to China’s 25,000 public chargers and Nio’s network of over 1,000 battery switching stations. Outside of China, the network is also being extended, initially in a few European nations.

Topics #Nio #Onvo #Two New Brands