Image caption, The L60 is aimed to rival Tesla’s Model YArticle information

• Author, João da Silva
• Role, Business reporter
• 16 May 2024, 02:22 BST

  Updated 3 hours ago

Chinese electric vehicle (EV) maker Nio has unveiled the first car from its new lower-priced brand Onvo, in a direct challenge to Tesla’s best-selling car.

With prices starting at 219,900 yuan ($30,465, £23,990), the L60 SUV is more than 10% cheaper than the world’s most popular EV, Tesla’s Model Y, which has a price tag of 249,900 yuan.

It comes in the same week that US President Joe Biden announced he would quadruple the import tax on electric cars from China.

Like other EV makers, Tesla has been struggling with falling sales in the face of intense competition from Chinese brands.

The vehicle was unveiled in Shanghai by Nio’s chief executive, William Li, who said the company aimed to rival Tesla’s Model Y and the Toyota RAV4.

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