EV maker Nio aims to launch one new model a year

Nio said it would have a second Onvo model targeting larger families coming up next. — Reuters

SHANGHAI: Chinese electric vehicle (EV) maker Nio says it will launch one new model per year under its lower-priced Onvo brand and price them similarly to petrol vehicles, as the firm expands its lineup to family cars in the country’s overcrowded auto market.

Nio executives were speaking a day after the company unveiled the Onvo L60 SUV with a sticker price starting from 219,900 yuan, 12% below the price of Tesla’s Model Y which starts at 249,900 yuan in China.