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NIO Stock: 7 Things to Know as Nio Launches Onvo Brand Today

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It’s a big day for Nio (NYSE:NIO), as the Chinese electric vehicle (EV) company has officially launched its new, affordable Onvo brand in competition with Tesla (NASDAQ:TSLA) and Toyota (NYSE:TM). Onvo’s first vehicle, the L60 SUV, carries a starting price tag of $30,500 for the 60 kWh model and will compete with Tesla’s Model Y, which is priced 12% higher, and Toyota’s popular RAV4. Despite this big launch, NIO stock is down 9% today.

Nio CEO William Li had this to say about the launch:

“RAV4 and Model Y were the benchmark for family cars in their time. With technologies evolving and people’s understanding in smart EVs deepening, today it’s time for us to redefine the new standards for family cars.”

The L60 will be able to utilize Nio’s network of 25,000 public chargers and 1,000 battery swap stations with its 900-volt fast-charging system. Deliveries of the vehicle are set to begin in September.

With that in mind, let’s dive in to seven things you should know about Onvo and its first vehicle.

NIO Stock: 7 Things to Know as Nio Launches Onvo Brand Today

  1. Ai Tiecheng, which translates to “will surely succeed,” is the president of Onvo. He joined Nio in 2021 after previously working at Disney (NYSE:DIS). In addition, he purchased his first Nio vehicle before he began working for Nio.
  2. The 60 kWh L60 has a range of 341 miles. The 90 kWh model has a range of 454 miles, while the 150 kWh model has a range of over 621 miles. Prices for the 90 and 150 kWh models have not yet been disclosed.
  3. This compares to the Model Y RWD, which has a range of 341 miles, and the Model Y AWD Long Range, which has a range of 427 miles.
  4. Li had previously disclosed that the L60’s bill of materials would be 10% lower than when compared to the Model Y.
  5. BYD (OTCMKTS:BYDDY), CATL, and CALB will supply Onvo with batteries, according to Reuters. When contacted by Reuters, Nio stated that this information was inaccurate.
  6. Nio currently receives most of its batteries from CATL.
  7. Preorders for the L60 have already opened.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

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