Nio (NYSE:NIO) has introduced its latest electric vehicle, the Onvo, marking the debut of the manufacturer's new lower-priced EV brand.

The official launch of the Onvo is scheduled for September, aligning with the anticipated delivery period for Tesla's (NASDAQ:TSLA) recently announced model.

The Onvo represents Nio's strategic move to capture a broader market segment by offering a more affordable option without compromising on the brand's renowned quality and innovation.