NIO to launch low-cost Onvo electric vehicle in the UK in early 2025

NIO's new low-cost Onvo electric vehicle brand will debut in the UK in early 2025. The Onvo L60 SUV, priced from about $21,000, aims to compete with rivals like Tesla's Model Y, which starts at around $35,000. The Onvo brand follows a successful launch in China, where the L60 sold well in its first month. NIO plans to expand its market presence, targeting up to 25 countries by the end of next year. NIO faces a 31% import tariff in the EU, impacting its expansion plans. The company has focused on markets like Norway and Germany but is now looking to grow with its new Onvo brand.