HK Movers | NIO Jumps 4% as Onvo Said to Officially Launch L90 SUV on Jul 31

Onvo, NIO's sub-brand aimed at the family car market, will officially launch its three-row SUV (sport utility vehicle) model, the L90, on July 31, two days after Li Auto rolls out its Li i8 electric SUV, CnEVPost has learned from a NIO insider.

NIO or Onvo have yet to announce the L90's launch date on their official channels.

Onvo began pre-sales of the L90 on July 10, saying at the time that deliveries of the model would begin on August 1.

The Onvo L90 has a pre-sales starting price of RMB 279,900 ($39,000) including the 85-kWh battery pack, or RMB 193,900 under the BaaS (battery as a service) battery rental plan.

It's worth noting that the L90's pricing is expected to drop further when it goes on sale, a common tactic in China's EV industry.

HK-listed shares of NIO jumped 4% in morning trading.

The L90 will be offered in six-seat and seven-seat options to cater to a wider range of customers. The six-seat version will be delivered first, while the seven-seat version will begin deliveries later.

Onvo plans to launch a new model, the L80, in the fourth quarter and a regulatory filing indicated it would be a five-seat version of the L90.

The L90's pre-sales starting price is lower than many expected and has already inspired a positive response from investors.

Two days before the L90 hit the market, Li Auto will officially launch its first all-electric SUV, the six-seat Li i8, on July 29.

Li Auto is one of China's major players in extended-range electric vehicles (EREVs), with 4 extended-range SUVs and 1 all-electric MPV (multi-purpose vehicle).

With the upcoming launch of the Li i8, the company will officially take on NIO in the battery electric vehicle (BEV) market.

Li Auto started pre-sales of the Li i8 on July 17, saying it's expected to be priced between RMB 350,000 and RMB 400,000.

The Li i8's official pricing will be announced at a launch event on July 29, and deliveries will begin in late August.

The Li i8's expected price is 25.04 percent, or RMB 70,100 yuan, higher than the Onvo L90's pre-sales price.

Li Auto may need to work to convince potential consumers why they should choose the Li i8 over the less expensive and larger Onvo L90.

A lot of comparisons have appeared on Chinese social media recently between the Li i8 and the Onvo L90, and the Onvo SUV is seen as a leader in a large number of areas including price, looks, and body lightweight.