It’s a big day for Nio (NYSE:NIO), as the Chinese electric vehicle (EV) company has officially launched its new, affordable Onvo brand in competition with Tesla (NASDAQ:TSLA) and Toyota (NYSE:TM). Onvo’s first vehicle, the L60 SUV, carries a starting price tag of $30,500 for the 60 kWh model and will compete with Tesla’s Model Y, which is priced 12% higher, and Toyota’s popular RAV4. Despite this big launch, NIO stock is down 9% today.Nio CEO William Li had this to say about the launch:“RAV4 and Model Y wer ...