Chinese EV maker Nio has launched a new lower-priced brand called Onvo.

The Onvo brand's first model, the L60 electric SUV, is priced at $30,500 in China.

The L60 offers an impressive range, with the top model exceeding 1,000 km.

Analysts predict that sales of the L60 could surpass 20,000 units per month, competing directly with Tesla's Model Y.

Nio plans to release six new vehicles next year under the Onvo brand, including a larger electric SUV.

The company has set a total sales target of 300,000 units for 2025.

Nio has secured a battery supply deal with BYD.

The company aims to lower the cost of ownership for Onvo cars by 10% compared to the Model Y.

Nio faces challenges such as 100% tariffs in the US and an anti-subsidy probe by the EU.

Despite these challenges, Nio aims to accelerate its growth in the EV market and match the success of Tesla and BYD.