Key Facts
Chinese electric vehicle manufacturer Nio (NYSE: NIO) announced the rollout of its new model, the ONVO L90, contributing to a more than 12% increase in its stock price over the week. This surge occurred amid Tesla’s disappointing second-quarter results, which saw double-digit declines in revenue and profitability.
The ONVO L90, described as a family-oriented three-row electric SUV, is set to begin deliveries on August 1 in China. The vehicle will be priced at $27,000 for the battery-as-a-service version and $39,000 for the complete model. This marks Nio’s 800,000th vehicle production milestone.
