Vivo may be launching new devices under their new sub-brand Jovi. A list of devices using the names Jovi V50, Jovi V50 Lite 5G, and Jovi Y39 5G was found in the recent GSMA listing. Previously, Jovi was the name used by Vivo for their virtual assistant similar to Google Assistant.
Devices under the BBK Electronics umbrella are usually recycled by their sub-brands. So it is likely that the Jovi V50, Jovi V50 Lite 5G, and Jovi Y39 5G are existing devices that are simply renamed and sold at a more affordable price. This is a strategy that Xiaomi has successfully done through its Poco and Redmi sub-brands.
With Vivo now starting to offer flagship devices with solid photography capabilities and Zeiss lenses, perhaps Jovi will be a new sub-brand for Vivo's more affordable devices.