TSLA - Nio Stock Is Racing Higher Today: What's Going On? | Benzinga
NIO Inc (NYSE:NIO) shares are trading higher. New reports indicate the company on Wednesday launched its first vehicle under its new Onvo brand.
What Happened: Nio launched its first vehicle under its new lower cost brand Onvo on Wednesday, according to Reuters. The vehicle, called the Onvo L60, is expected to be priced at a lower range to compete with Tesla Inc’s (NASDAQ:TSLA) Model Y, which is currently the world’s top selling electric vehicle.
During the product launch in Shanghai, Nio CEO William Li reportedly said the vehicle is designed to compete with both Tesla’s Model Y and Toyota’s RAV4. Li also noted ...