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NIO's Onvo L60: A Tesla Model Y Rival with a Cheaper Price

NIO's Onvo L60: A Tesla Model Y Rival with a Cheaper Price
NIO's Onvo L60: A Tesla Model Y Rival with a Cheaper Price

Chinese EV maker NIO launched the first EV under its new mass-market Onvo brand. The new Onvo L60 electric SUV will rival Tesla's best-selling Model Y at a cheaper starting price. Starting at just $30,500 (219,900 yuan), NIO's new electric SUV undercuts the Model Y, which starts at 249,900 yuan ($34,600) in China.

The electric SUV has three battery pack options. The base 60 kWh variant features 555 km (345 mi) CLTC range, while the 90 kWh and 150 kWh models offer up to 730 km (454 mi) and over 1,000 km (621 mi) CLTC range, respectively.

In comparison, the base RWD Tesla Model Y gets up to 554 km (344 mi) CLTC range. The AWD Long Range Model Y and AWD Performance trims get up to 688 km and 615 km CLTC cruising range, respectively.

Onvo owners will have access to NIO's expanding battery swap and public fast charging network.

NIO is the latest EV maker to launch a new Tesla Model Y competitor. BYD launched its Sea Lion 07 last week, its "smart mid-size electric SUV," starting at just 189,800 ($26,250).

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