The Model Y from Tesla may have found its match from the China-based automaker Nio.

South China Morning Post reported Thursday that Nio will officially launch the battery-powered L60 SUV later this September, and it is 17% cheaper than Tesla's Model Y. 

Nio shared that the SUV will cost 206,900 yuan, which is equivalent to $29,267. Onvo CEO Ai Tiecheng revealed that the company will soon open around 200 stores in mainland China and target 120 cities by the end of 2024.

The outlet revealed the vehicle can run up to 555 kilometers. The figure also matches with the 554 kilometers from the Model Y, showing a close rivalry in terms of performance.

Customers are required to make a one-time payment of 149,900 yuan ($21,210.85), with an additional subscription fee of 599 yuan ($84.76).

The China Passenger Car Association shared that from January to July, Tesla's Model Y fell 17% to 298,384 in its deliveries, and the L60 is the newest release to take on the vehicle.

Shanghai-based analyst Gao Shen said that the SUV segment "targets millions of middle-income families" and is popular among EV makers who are working towards luring buyers away from the Model Y.

The analyst added that Nio is already being supported by a loyal fanbase and that the Onvo releases could incite great competition against Tesla's Model Y in China. 

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