Chinese EV maker Nio to launch its lower-priced brand Onvo on May 15

BEIJING — Chinese electric car company Nio said Thursday it will launch its lower-priced brand called Onvo on May 15.The announcement comes amid a price war in China's highly competitive electric car market that's forced Tesla to cut prices. Xpeng, another EV startup, also plans to release a sub-brand called Mona in the next two or three months.Nio said the first Onvo model, the L60, will be a "family-centric smart BEV priced around RMB 250,000, in the same segment as Tesla Model Y." That's about $34,600.In ...