Asia Tech Wire (May 9) -- Chinese electric car startup Nio Inc. (NYSE:NIO, 9866.HK) announced Thursday that it will launch its second brand ONVO next week.

Nio announced at a 500,000-unit car rollout ceremony that it will launch its second brand, ONVO, on International Day of Families on May 15, and its products will cater to the mainstream family market.

The new brand's first model, the L60, will rival the Tesla Model Y, focusing on the market for smart, pure-electric SUVs at around $250,000 for families.