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 RAV4 and Tesla's Model Y to provide family cars with a balance in product experience and ownership costs.

(Reporting by Zhang Yan and Miyoung Kim; Editing by Anne Marie Roantree and Louise Heavens)