NIO will officially launch its sub-brand Onvo (Ledao in China) on May 15.
Onvo's first model, the Onvo L60, will take on the Tesla Model Y, targeting the market for smart, all-electric SUVs for families in the 250,000 yuan ($34,600) class, Nio said.
US-listed shares of NIO gained 3.1% in premarket trading Wednesday.
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