**China’s EV Market Heats Up as Nio Delivers New Model**
Nio, a leading electric vehicle (EV) manufacturer, has started delivering its new Onvo L60 model, which is powered by Nvidia’s advanced Drive Orin system-on-a-chip. The L60 is positioned as a more affordable rival to Tesla’s Model Y, with a starting price of around $21,000 without a battery.
The Onvo L60 features highly automated driver assistance and autonomous driving systems, thanks to the integration of Nvidia Drive. The AI chip enables the vehicle to process sensor data from high-definition cameras and four-dimensional radar, performing 254 trillion operations per second.
Nio’s new model is expected to have a modest impact on September sales, but with heavy orders and increasing production, it is likely to provide a significant sales boost in October and beyond. The company has also received a major cash injection of around $470 million for its Nio China unit, which will help drive growth.
China’s EV market is experiencing rapid growth, with electric cars now accounting for over half of new car sales in mainland China. Despite a brutal price war, EV startups such as XPeng, Li Auto, and Zeekr are set to release their September and Q3 sales data, along with Nio.
The Chinese government has been actively stimulating the economy, with measures such as lowering interest rates and issuing sovereign bonds worth around $284 billion. This has led to a surge in China stocks, including Nio, which jumped 66.4% in September.
As the EV market continues to heat up, investors will be closely watching the sales data and performance of these leading EV manufacturers. With Tesla’s robotaxi event due on October 10, the competition is set to intensify in the coming months.
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