Nio unveils the Onvo, an affordable EV rival to Tesla

Nio (NIO) has unveiled its newest electric vehicle, the Onvo, the first of the manufacturer's lower-priced EV brand. With an official launch set for September, the Onvo is poised to hit the roads, coinciding with the expected delivery timeframe for Tesla's (TSLA) recently announced model.

Market Domination Hosts Josh Lipton and Julie Hyman break down the details.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Angel Smith

Video Transcript

Chinese Electric car company, Neo revealing the first vehicle in its newer lower priced brand.

Meanwhile, JP Morgan lifts its rating on the stock.

So that was a new thing.

Neo introduces its kind of new mass market ev it's called on B apparently delivered and launched in September is what looking for the CEO, by the way, going right after Elon Musk and Tesla telling reporters his new model here calls it longer wider roomier than the model.

Why, but look for deliveries, I guess starting as soon as September is what we're looking for.

So you know why the stock is down?

I don't know, we don't know, we can't figure it out.

You know, I I did put in some emails to some analysts to try and figure out many of them who covered the stock are based um in, in Asia and East Asia.

So we didn't get any answers to what is going on here.

If you look at how this thing is gonna be priced, the L 61 it's cheaper than the model Y in China.

So what about margins?

And Bloomberg did point out, by the way, you know, Neo has had its challenges, posting it your loss last year didn't actually meet its own sales target deliveries fell in the first three months of 2024.

Now, we know of course, China, this is a cut throat market, intense competition, price, price cuts on top of obviously broader trends, ev growth just is not what it was.

Yeah.

And maybe there's concern that, you know, especially when you look at the pricing here, maybe there's gonna be another, another money losing kind of proposition.