Nio will officially launch the Onvo brand on May 15 at 7:30 pm Beijing Time, when the event will be streamed live in video.

The Onvo brand will be launched on May 15, Nio announced on May 9 at the rollout of its 500,000th production vehicle.

Onvo's first model, the Onvo L60, will take on the Tesla Model Y, and will primarily target the market for smart, family-centric all-electric vehicles in the RMB 250,000 ($34,600) class, Nio said at the time.

The Onvo brand will accelerate the arrival of Nio's one millionth vehicle, William Li, Nio's founder, chairman and CEO, said.

The BOM (bill of materials) cost of Onvo's first model will be about 10 percent cheaper than the Tesla Model Y, Li said previously.

($1 = RMB 7.2268)

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