01:52 PM EDT, 05/15/2024 (MT Newswires) -- Nio (NIO) launched L60 SUV, its first car under the new brand Onvo, with deliveries set for September, CNBC reported Wednesday.

Presales for L60 SUV, which the company says will be about $4,000 cheaper than Tesla's (TSLA) comparable Model Y, started after the launch event, according to the report.

Onvo will eventually start selling its cars abroad, Nio Chief Executive William Li told CNBC in an interview. However, Li did not specify a timeframe for overseas sales.

Neither Nio nor Tesla immediately responded to MT Newswires' requests for comment.

NIO shares were down 8% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 5.32, Change: -0.47, Percent Change: -8.12