🟢 NIO shares surge 4% after launching new Onvo L80 SUV to compete with Tesla

NIO's stock is trading at $6.63 (+4.2%) following the launch and start of pre-sales for its new Onvo brand electric SUV, the L80. The positive investor sentiment is driven by the new model's competitive pricing and potential to boost sales.

• The five-seat Onvo L80 SUV was unveiled with a starting price of 245,800 yuan (~$36,000), which is priced below Tesla's Model Y in China.
• Analysts believe the attractive pricing and the new model could help NIO maintain strong sales momentum and improve profitability.
• Shares in Hong Kong jumped nearly 10% following the announcement, signaling strong investor confidence in the new vehicle.