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SHANGHAI/SINGAPORE (Reuters) – Chinese electrical car maker Nio (NYSE:) on Wednesday launched the primary car in its new lower-priced model Onvo which goals to compete there with Tesla (NASDAQ:)’s Model Y, the world’s best-selling EV.

Nio unveiled the Onvo L60 SUV with a sticker value ranging from 219,900 yuan ($30,476), 12% beneath the worth of Tesla’s Model Y which begins at 249,900 yuan in China. Nio plans to begin supply of the Onvo L60 in September.

Chief government William Li launched the Onvo L60 SUV in Shanghai, saying the corporate additionally aimed to tackle Toyota Motor (NYSE:)’s RAV4 by offering household vehicles that steadiness buyer expertise and possession prices.

“RAV4 and Model Y were the benchmark for family cars in their time. With technologies evolving and people’s understanding in smart EVs deepening, today it’s time for us to redefine the new standards for family cars,” Li mentioned on the occasion.

The car is extra spacious than Tesla’s Model Y, he added.

With a cheaper price tag, the Onvo model may additionally assist Nio develop outdoors China, though branching out into Europe is overshadowed by an ongoing anti-subsidy probe the EU has launched into EV imports from China.

The Onvo L60 is supplied with Nio’s self-developed 900-volt fast-charging system and has a mean vitality consumption of 12.1 kilowatt-hours (kwh) per 100 kilometers, barely decrease than Tesla’s Model Y, mentioned Ai Tiecheng, president of the Onvo model.

The Onvo vehicles could have entry to greater than 1,000 battery swapping stations and 25,000 public chargers belonging to Nio, Ai added.

Li mentioned beforehand that the invoice of supplies of the Onvo automotive could be 10% decrease than that of Tesla’s Model Y, in keeping with Chinese media. Its decrease value, along with Nio’s EV battery rental programme, would enable it to raised compete at a cheaper price.

Reuters reported final week that Nio has struck a deal to supply batteries from BYD (SZ:) for the Onvo lineup, because it deserted plans to provide batteries in-house as a part of the efforts to cut back prices amid a bruising value conflict in China’s ultra-competitive EV market.

Nio, whose namesake lineup is priced from 298,900 yuan ($41,200), round 30% larger than the Model 3 in China, offered 45,673 EVs within the first 4 months of this yr, accounting for 3% of China’s general EV gross sales.

By distinction, Tesla delivered 163,841 models in China to take an 11.4% market share, in keeping with knowledge from the China Passenger Car Association.

($1 = 7.2155 renminbi)

(This story has been refiled to appropriate the byline)

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