NIO has launched its new brand of more affordable electric vehicles: ONVO. It promises to gain market share from its direct competitors in the field, the American Tesla and the Asian BYD.

The brand’s first vehicle will be the L60, a mid-size smart electric family SUV, which aims to provide family users with a “premium experience.” We tell you more below.

The ONVO L60 has been available for pre-orders with a starting price of 219,900 Chinese yuan (approximately 28,000 euros) and delivery will begin in early 2024.

“Our car will be more spacious than the Model Y,” NIO CEO William Li has made clear. Likewise, its price would be its great attraction, since in China you pay 249,900 yuan (31,841 euros) for a Tesla Model Y.

This offensive by the Chinese brand comes after the company recorded losses close to 21 billion yuan (2 billion euros) last year, thus failing the proposed sales target.

The numbers are partly due to increased competition after the emergence of BYD, as well as the continuous price cuts that Tesla has been carrying out in recent months after its deliveries plummeted 18% in China.