Nio has introduced a new affordable electric vehicle designed to compete directly with Tesla models in the mass market segment. The Chinese manufacturer announced the Onvo L60 on May 31 2026 positioning the crossover as a practical family option that undercuts the Model Y on price while matching or exceeding it in several key specifications. According to the Motley Fool article the move forms part of Nio’s broader strategy to expand beyond its premium brand image and capture a larger share of the world’s largest electric vehicle market. The Onvo L60 arrives with a starting price equivalent to about 29 800 dollars in its home market making it roughly 20 percent less expensive than the base Tesla Model Y. This aggressive pricing reflects Nio’s determination to address the growing demand for reasonably priced electric cars among middle class Chinese consumers who have become more price sensitive amid economic headwinds.…