Nio Inc. (NYSE: NIO) announced the debut of its ONVO L90 SUV model for the Chinese market, set for release on August 1. The SUV will be available in two versions: a complete model priced at $39,000 and a battery-as-a-service model at $27,000.
Following this announcement, Nio’s stock surged 11% on Tuesday, closing at a gain of roughly 15% for the year, despite a 0.4% decline in the Nasdaq Composite Index. This increase comes after the company’s revenue growth of 21.5% year-over-year in Q1.
Despite the recent surge, Nio’s stock is down approximately 76% over the last three years, and it is currently valued at just 90% of this year’s expected revenue, suggesting a low price-to-sales ratio compared to rivals like Tesla.
