China's Nio launches Onvo brand to challenge Tesla's best-selling model

China's Nio launches Onvo brand to challenge Tesla's best-selling model

FILE PHOTO: William Li, founder and chief executive officer of Chinese electric vehicle maker Nio, unveils Nio's ET7 sedan at a product launch event in Chengdu, Sichuan province, China, January 9, 2021. REUTERS/Yilei Sun/File Photo

Chinese electric vehicle maker Nio on Wednesday launched the first vehicle in its new lower-priced brand Onvo which aims to compete there with Tesla‘s Model Y, the world’s best-selling EV.