Under the Onvo brand, China's Nio plans to introduce one new automobile model year

A day earlier, Nio officials had shown the Onvo L60 SUV, which has a sticker price of 219,900 yuan ($30,476), 12% less than the beginning price of Tesla's Model Y in China.

Chinese electric vehicle manufacturer Nio said on Thursday that, as it broadens its lineups to include family cars in the congested auto market in the nation, it would introduce one new model annually under its less expensive Onvo brand and price them similarly to gasoline vehicles.

A day earlier, Nio officials had shown the Onvo L60 SUV, which has a sticker price of 219,900 yuan ($30,476), 12% less than the beginning price of Tesla's Model Y in China.

On Thursday, Nio said that a second Onvo model aimed for bigger families will be released soon. The company also anticipated that the recently introduced brand would boost its overall profitability once monthly sales hit 20,000 units.

William Li, the chief executive of Nio, said, "China has 110 auto brands... and it's now already aggregated to 20-30 active players."

"The consolidation will carry on but will not be very severe."

China, the largest auto market in the world, is facing more competition for electric vehicle manufacturers (EVs) after over a year of brutal pricing wars caused by dwindling customer demand. These days, a lot of participants are concentrating on international marketplaces.