Nio and Xpeng introduce lower-priced electric cars in China

Summary: Nio and Xpeng are introducing lower-priced electric cars in China's market, with Nio's upcoming SUV priced below Tesla's Model Y starting at 249,900 yuan. This move shifts focus from premium to mass market, competing with BYD and Volkswagen. China's new energy car market sees over 40% of new passenger cars as electric or hybrid. Nio plans to launch its new brand, Onvo, in mid-May.

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