Overview

• NIO’s mass-market Onvo L90 SUV has exceeded internal pre-order targets with customer deliveries scheduled to start on August 1 in China.
• The L90 will be sold at two price points, approximately $39,000 for the full-purchase model and about $27,000 with a battery-as-a-service subscription.
• Shares have climbed more than 50% over the past month after Morgan Stanley analyst Tim Hsiao reaffirmed a Buy rating and set a $5.90 price target.
• The vehicle leverages NIO’s 900V electrical architecture and a network of over 3,400 battery-swap stations to address range concerns in the family SUV segment.
• NIO is also preparing its third-generation ES8 SUV for a late 2025 debut to strengthen its future product pipeline.