Nio, a Chinese electric vehicle manufacturer, has introduced its latest model under a new brand called Onvo. The L60 SUV is priced at 219,900 yuan ($30,465, £23,990), making it more affordable than Tesla’s popular Model Y. This move comes amidst US President Joe Biden’s decision to increase import taxes on Chinese electric cars.
Nio’s CEO, William Li, unveiled the L60 in Shanghai, stating that the company’s goal is to compete with Tesla and other leading brands in the electric car market. The company has already started accepting orders and plans to begin deliveries by September. Additionally, Nio intends to release a new Onvo model annually to expand its presence in the family car market.
Despite these ambitious plans, Nio faces challenges such as high tariffs in the US and an EU investigation into Chinese EV imports. The global electric car market is becoming more competitive, with companies like Tesla and BYD experiencing declining sales and profits. However, Nio remains determined to establish itself as a key player in the industry.
Vocabulary List:
- manufacturer (noun): A person or company that makes goods for sale.
- affordable (adjective): Priced reasonably and within one.s financial means.
- competitor (noun): A person or entity that competes with others in a particular activity.
- accepting (verb): Agreeing to receive or undertake something.
- tariffs (noun): A tax or duty to be paid on a particular class of imports or exports.
- investigation (noun): The process of examining a crimeproblemstatementetc. carefully.
