Nio (NYSE:NIO) shares jumped about 11 % on Tuesday as buzz builds around its new Onvo L90 SUV.
Pre?sales kicked off July 10 and Nio says deliveries start August 1 in China. You’ve probably noticed the stock’s up 47 % over the past month already.
Today, nearly 600 test SUVs hit 400 showrooms across 140 cities, thanks to a Weibo teaser that got everyone talking.
The Onvo L90 comes in a $39,000 complete pack and a $27,000 battery?subscription modelperfect for big families who want a three?row EV without breaking the bank.
Rival Li Auto rolls out its electric i8 on July 29, so Nio needs to nail execution to stay ahead.
Morgan Stanley’s Tim Hsiao still loves the story, keeping his Buy call and $5.90 target after seeing 30 K35 K pre?orders. He thinks clearing 5 K monthly sales is doable if Nio delivers smoothly and prices right.
This article first appeared on GuruFocus.