NIO Stock Alert: Nio Unveils Its First EV From Low-Cost Brand

Nio (NYSE:NIO) stock is down 1.2% this morning after the Chinese electric vehicle (EV) maker launched the first vehicle in its new, low-cost Onvo brand on Wednesday. Indeed, Nio unveiled the Onvo L60 SUV, intended to rival Tesla’s (NASDAQ:TSLA) best-selling Model Y SUV and Toyota’s (NASDAQ:TM) RAV4.The Onvo L60 will start at $30,476 (219,900 yuan), about 12% less than the Model Y. It is also more spacious and uses 10% fewer materials than Tesla’s offering. Nio will begin delivering the L60 in September.“RAV ...