Premium EV maker Nio will launch Onvo to target families seeking a mainstream EV.
Nio doesn't have widespread recognition like Tesla or even fellow Chinese EV manufacturer BYD, but it's already ready to introduce two new brands to help boost sales by offering EVs at a lower selling price than its own premium offerings.Nio has established a website for Onvo in China where a message says to “stay tuned” for information on the brand's first model, a compact crossover to be called the L60. The debut is expected later this month.
According to Reuters, Xpeng, Volkswagen's partner in China, is also working on a more affordable brand to be called Mona. EVs from Mona will reportedly start below $21,000. Nio offers a diverse range of SUVs, plus a sedan and related wagon. The vehicles are priced at the premium end of the EV segment, in line with vehicles from BMW and Mercedes-Benz.Nio sells the bulk of its vehicles in China but recently expanded to a handful of European countries. A U.S. launch for Nio or any of its additional brands hasn't been announced.
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