Chinese electric vehicle manufacturer Nio Inc. (NYSE: NIO) has debuted the first electric car in its Onvo brand as a potential competitor to Tesla’s best-selling unit, the Tesla Model Y. Currently the most popular battery electric vehicle (BEV) on the globe, the Model Y costs $42,990 and is practically unaffordable to the average driver.

However, the new Nio L60 costs more than 10% less than the Model Y at a starting price of $30,465 and offers a solid opportunity for Nio to…

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