Tesla’s Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000

Chinese electric car company Nio revealed Wednesday that the first car for its new, lower-priced brand, Onvo, will be about $4,000 cheaper than Tesla’s Model Y.Chinese electric car company Nio revealed Wednesday that the first car for its new, lower-priced brand, Onvo, will be about $4,000 cheaper than Tesla’s Model Y.