TSLA - Tesla Faces Stiff Price Competition In China From Latest Entrants Nio's Onvo L60 And Xiaomi SU7 | Benzinga
China’s latest EV entrants are looking to take on Tesla Inc‘s (NASDAQ:TSLA) market share within the country, with vehicles priced competitively against the American EV giant’s best-selling EVs in the country.
What Happened: China is the second largest market for Tesla after the U.S. The more popular Tesla vehicles in the East Asian country are its lower-priced Model 3 sedan and the Model Y SUV. While the competition between Tesla and Chinese EV giant BYD Co has been ongoing, newer players have now joined the race.
Onvo L60 Vs. Model Y: Chinese EV maker Nio Inc (NYSE:NIO) on Wednesday launched its new sub-brand Onvo. The brand’s first car, the L60 mid-size family SUV was also unveiled with a starting price of 219,900 yuan ($30,427), about 12% lower than the Tesla Model Y which starts at ...