Tesla's Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000

Chinese electric car company Nio announced the launch of its new affordable brand, Onvo. The first car under this brand, the L60 SUV, will be approximately $4,000 cheaper than Tesla’s Model Y. Nio plans to start delivering the L60 in September. Onvo aims to establish a new standard for family cars and intends to compete with Tesla. The competition in China’s electric car market has led to new players entering the market and forced existing companies to lower prices. Nio CEO William Li stated that Onvo may expand its sales overseas in the future.