SHANGHAI, May 16 Reuters Chinese electric vehicle maker Nio said on Thursday it would launch one new model per year under its lowerpriced Onvo brand and price them similarly to gasoline vehicles, as the firm expands its lineups to family cars in the country39;s overcrowded auto market.

The announcement came a day after the company 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 said on Thursday it would have a second Onvo model targeting larger families coming up next and expected the newly launched brand to positively contribute to its overall profitability when monthly sales reach 20,000 units.

China has 110 auto brands… and it39;s now already consolidated to 2030 active players, Nio Chief Executive William Li said.

The consolidation will continue but will not be very severe.

EV makers in China, the world39;s biggest auto market, are grappling with thin margins and slowing sales after more than a year of bruising price war amid weakening consumer demand. Many players are now shifting their focus to overseas markets.

Nio, which has a third affordable brand under development, is among the smaller players struggling to turn profitable. Its sales account for around 3 of China39;s overall EV market by volume and the company has been focusing on cost cuts to stay afloat.

The company said the Onvo L60 sacrificed acceleration speed that many EV models…