Nio has launched a budget electric vehicle, the Onvo L80, with a starting price of $36,000, aiming to compete with other manufacturers such as Tesla and BYD. The company has also been delivering a significant number of vehicles, including 10,000 units of the Nio ES9 in 30 days and 37,705 EVs in May. Nio's efforts to expand its electric vehicle offerings and production capabilities are underway, with the company now making its own chips.