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CORRECTED-Nio on track to unveil its first mass-market car in May, executive says

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.