{"id":40586,"date":"2024-05-16T08:03:16","date_gmt":"2024-05-16T08:03:16","guid":{"rendered":"https:\/\/chezaspin.com\/blog\/index.php\/2024\/05\/16\/chinas-nio-unveils-tesla-model-y-rival\/"},"modified":"2024-05-16T08:03:16","modified_gmt":"2024-05-16T08:03:16","slug":"chinas-nio-unveils-tesla-model-y-rival","status":"publish","type":"post","link":"https:\/\/chezaspin.com\/blog\/chinas-nio-unveils-tesla-model-y-rival\/","title":{"rendered":"China\u2019s Nio unveils Tesla Model Y rival"},"content":{"rendered":"<p><strong>Chinese electric vehicle (EV) maker Nio has unveiled the first car from its new lower-priced brand Onvo, in a direct challenge to Tesla\u2019s best-selling car.<\/strong><\/p>\n<p>With prices starting at 219,900 yuan ($30,465, \u00a323,990), the L60 SUV is more than 10% cheaper than the world\u2019s most popular EV, Tesla\u2019s Model Y, which has a price tag of 249,900 yuan.<\/p>\n<p>It comes in the same week that US President Joe Biden announced he would quadruple the import tax on electric cars from China.<\/p>\n<p>Like other EV makers, Tesla has been struggling with falling sales in the face of intense competition from Chinese brands.<\/p>\n<p>The vehicle was unveiled in Shanghai by Nio\u2019s chief executive, William Li, who said the company aimed to rival Tesla\u2019s Model Y and the Toyota RAV4.<\/p>\n<p>\u201cWith technologies evolving and people\u2019s understanding in smart EVs deepening, today it\u2019s time for us to redefine the new standards for family cars,\u201d Mr Li said.<\/p>\n<p>The company has started taking orders for the L60 and aims to begin deliveries by September.<\/p>\n<p>Nio executives said they have plans to launch a new Onvo model a year as part of efforts to expand into the family car market.<\/p>\n<p>The brand could also help Nio build up its presence outside its home country.<\/p>\n<p>However, it faces 100% tariffs in the US and an ongoing anti-subsidy probe launched by the European Union into EV imports from China.<\/p>\n<p>Electric car brands around the world are facing major challenges as they face slower sales and increased competition.<\/p>\n<p>In April, Tesla started to lay off more than 10% of its global EV workforce.<\/p>\n<p>Later that month, the company announced its profits for the first three months of the year had fallen by more than half compared to the same time last year.<\/p>\n<p>Meanwhile, China\u2019s BYD said its profits had fallen as it was hit by weaker demand and a price war in the world\u2019s largest car market.<\/p>\n<p>The post <a href=\"https:\/\/www.kbc.co.ke\/chinas-nio-unveils-tesla-model-y-rival\/\">China\u2019s Nio unveils Tesla Model Y rival<\/a> first appeared on <a href=\"https:\/\/www.kbc.co.ke\/\">KBC<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Chinese electric vehicle (EV) maker Nio has unveiled the first car from its new lower-priced brand Onvo, in a direct challenge to Tesla\u2019s best-selling car. With prices starting at 219,900 yuan ($30,465, \u00a323,990), the L60 SUV is more than 10% cheaper than the world\u2019s most popular EV, Tesla\u2019s Model Y, which has a price tag [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-40586","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/40586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=40586"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/40586\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=40586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=40586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=40586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}