Published: 10:08pm, 19 Sep 2024 Updated: 11:03pm, 19 Sep 2024 Tesla’s best selling Model Y is facing a new competitor in mainland China as Nio edges closer to delivering a fully-electric model under its new brand Onvo, which is fitted with its battery-swap ­technology and is 17 per cent cheaper. Advertisement The Shanghai-based carmaker will start delivering the L60 sport-utility vehicle (SUV) later this month to build its market presence, the company said. The SUV will be priced at 206,900 yuan (US$29,267), or 43,000 yuan below Model Y’s basic edition, it added. “The car, with swappable battery, is safer and more reliable,” Ai Tiecheng, Onvo’s CEO said when unveiling the new model on Thursday. “Onvo will open 200 stores in 120 cities across mainland China by the end of the year to attract more customers.” Advertisement The L60 SUV has a driving range of 555km, matching Model Y’s distance capability of 554km. 02:05