NIO Stock Surges 9% as Onvo L80 Challenges Tesla Model Y in China

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2026-04-29 18:18:02

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NIO's Hong Kong-listed shares jumped 8.7% Wednesday, with U.S. listings gaining 2%, following the unveiling of its competitively priced Onvo L80 SUV. The new model undercuts Tesla's Model Y by 7% in China's cutthroat EV market, signaling intensified competition.

Priced at 245,800 yuan ($35,940) with battery or 159,800 yuan under battery subscription, the L80 offers 7.5% savings over NIO's L90 model. Pre-sales began immediately, with deliveries slated for May 15. This comes as NIO celebrates its first profitable quarter in Q4 2025.

The 900V-architecture SUV boasts China's largest cargo space among five-seaters. Its strategic pricing and upcoming 2026 model launches position NIO for potential market share gains against Tesla's dominance.

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