NIO Shares Surge After Onvo L90 Pre-Sales Spark Optimism

US-listed shares of NIO surged 6.2% in premarket trading on Monday following the pre-sales of its sub-brand Onvo's flagship SUV (sport utility vehicle) L90, which sparked optimism among investors.

The rise is apparently driven by the pre-sales of the Onvo L90 last Thursday. The large three-row SUV began pre-sales on July 10, with an official launch scheduled for the end of this month and deliveries set to begin on August 1.

The L90's pre-sales starting price including an 85-kWh battery pack is RMB 279,900 ($39,040), lower than many had anticipated.

Under the BaaS (battery as a service) battery rental scheme, the L90's pre-sales starting price is RMB 193,900.

Notably, the L90's price is expected to decrease further at its official launch, a common strategy in China's EV industry.

The pre-sale price of the L90 is considered competitive, although Onvo does not disclose order information. Meanwhile, Nio management emphasizes that the model still has gross profit.

The current pricing for the L90 is acceptable, as Nio has established cost targets in collaboration with its partners, the company's management told media outlets, including CnEVPost, in Hefei, Anhui province on July 11, the day after the L90 pre-sales event.

The Onvo team internally views the L90's pricing as normal, with the brand's current priority being to achieve profit targets rather than sales targets, according to Nio founder, chairman, and CEO William Li.

In a research note on July 11, Deutsche Bank analyst Wang Bin's team said that the L90's pre-sales price is highly competitive and projected the SUV's monthly sales volume to reach about 5,000 units.

The team believes that Onvo's monthly total sales could exceed 10,000 units in the third quarter, given that the Onvo L60 sold 31,862 units in the first half of 2025.

The L60 is Onvo's first model, officially launched in September 2024, with a starting price of RMB 206,900 including a 60-kWh battery pack.

Looking ahead, Onvo plans to launch the ultra-large SUV L80 in October, with an expected average monthly sales volume of about 5,000 units, according to Deutsche Bank.

The L80 has been included in the Ministry of Industry and Information Technology's filing catalog, and Onvo previously said that the SUV would be launched in the fourth quarter.

CICC said in a recent research note that the pre-sales pricing of the Onvo L90 beat market expectations, and the model is expected to maintain a leading position in the high-end large three-row SUV market.

Morgan Stanley has reiterated an Overweight rating and $5.90 price target on NIO following the unveiling of the Onvo L90 SUV.