SHANGHAI, May 15 Reuters Chinese electric vehicle maker Nio on Wednesday launched the first vehicle in its new lowerpriced brand Onvo which aims to compete there with Tesla39;s Model Y, the world39;s bestselling EV.

Nio unveiled the Onvo L60 SUV with a sticker price starting from 219,900 yuan 30,476, 12 below the price of Tesla39;s Model Y which starts at 249,900 yuan in China. Nio plans to start delivery of the Onvo L60 in September.

Chief executive William Li introduced the Onvo L60 SUV in Shanghai, saying the company also aimed to take on Toyota Motor39;s RAV4 by providing family cars that balance customer experience and ownership costs.

RAV4 and Model Y were the benchmark for family cars in their time. With technologies evolving and peoples understanding in smart EVs deepening, today its time for us to redefine the new standards for family cars, Li said at the event.

The vehicle is more spacious than Tesla39;s Model Y, he added.

With a lower price tag, the Onvo brand could also help Nio expand outside China, although branching out into Europe is overshadowed by an ongoing antisubsidy probe the EU has launched into EV imports from China.

The Onvo L60 is equipped with Nio39;s selfdeveloped 900volt fastcharging system and has an average energy consumption of 12.1 kilowatthours kwh per 100 kilometers, slightly lower than Tesla39;s Model Y, said Ai Tiecheng, president of the Onvo brand.

The Onvo cars will have access to more than 1,000 battery swapping stations…