US-listed shares of Nio rose more than 9% to $4.92 on Thursday morning, climbing to $4.92, after the company officially launched its Onvo L90 SUV in China — the second model under its family-oriented sub-brand.
The gains came despite an early dip to $4.46 in the first hour of trading.
The stock, which had already reached its highest level since March last week, was up more than 9% as of midday in New York. Nio’s market capitalization stood at $10.95 billion, with shares up about 12% year-to-date.
While the company has not disclosed any pre-order figures, analysts, test drives and the first store traffic videos immediately after the event point to stronger-than-expected demand for the L90.
The model’s price undercuts its direct rival i8 from the Beijing-based carmaker Li Auto.
The L90 is priced from 265,800 yuan ($36,940) with an 85-kWh battery included. If purchased through the battery as a service (BaaS) program, the price drops to 179,800 yuan, with a monthly battery subscription fee of 899 yuan — equivalent to $125.
Four days after the vehicle’s pre-launch event — where founder and CEO William Li spent nearly three hours detailing its technical specifications — Morgan Stanley estimated pre-orders had reached between 30,000 and 35,000 units.
The Shanghai-headquartered EV maker has not commented on the figure.
However, earlier this week, Li said in a social media post that staff at one of Nio’s Shanghai stores were staying open until 2 a.m. to accommodate demand for L90 test drives.
Additionally, the CEO said delivering over 7,000 units in the first month was a target that “seems achievable” after being questioned about Xiaomi SU7’s record reached early last year.
The L90, which is positioned as a six-seat SUV targeting family users, is expected to play a central role in helping Nio meet its ambitious 2025 delivery target.
The group aims to double vehicle deliveries to about 440,000 units this year across its three brands — Nio, Onvo, and the entry-level Firefly.
Nio delivered 42,094 vehicles in the first quarter and 72,056 in the second, bringing first-half deliveries to 114,150 units.
To meet its full-year goal, the company must deliver an average of more than 54,000 vehicles per month between July and December — nearly triple its monthly average in the first half.
In addition to the Onvo L90, Nio is counting on a ramp-up in Firefly deliveries and refreshed models under the main Nio brand, including the updated ES8 and the redesigned 2025 versions of its ES6 and EC5 SUVs.
The company is expected to report its July delivery figures for all three brands early Friday.
