Tesla's Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000
Publishing timestamp: 2024-05-15 12:04:44
Summary
Chinese electric car company Nio's new sub-brand, Onvo, will offer a car that is $4000 cheaper than Tesla's Model Y. The competition in China's electric car market has led to new entrants and price cuts from various companies. Onvo aims to set a new standard for family cars and plans to expand overseas in the future. The global competition from Chinese electric vehicle makers has also prompted new tariffs from the Biden administration on imports of vehicles to the U.S.
Sentiment: NEUTRAL
Tickers: 1810-HK, TSLA, GOOGL, NIO, ZE594-CN, 9866-HK, BRK.A, 1211-HK,
Keywords: nio inc, shanghai, stock markets, tesla inc, markets, technology, breaking news: technology, market insider, transportation, business news, xiaomi corp, byd co ltd, breaking news: business,
Source: https://www.cnbc.com/2024/05/15/china-ev-price-wars-nios-onvo-brand-undercuts-tesla-model-y.html