India, May 7 -- China's premium electric vehicle maker Nio is on track to unveil a new model under a mass-market brand by the end of this month and a second smaller EV to be sold in Europe next year for less than $30,000, a senior executive told Reuters on Monday.

Nio has created the sub-brand Onvo to launch a new EV that Chief Executive William Li has said will take aim at the Tesla Model Y, the world's best-selling EV.

"Nio is currently working on the launch of new car brands, that would be less premium, still obviously 100% electric, and more suited for the European market needs," Nicolas Vincelot, general manager for France, said during a France-China business forum in Paris.

On Monday, the new website for the Onvo brand went live ...