SHANGHAI, May 15 (Reuters) - Chinese electric vehicle

maker Nio on Wednesday launched the first vehicle

under its new brand Onvo to be priced at a lower range and which

aims to compete with Tesla's Model Y, the world's

best-selling EV.

Nio chief executive William Li launched the Onvo L60 SUV in

Shanghai, saying the company aimed to take on Toyota Motor's ( TM )

RAV4 and Tesla's Model Y to provide family

cars with a balance in product experience and ownership costs.