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Investing.com-- Shares of Chinese electric vehicle maker NIO Inc (HK:9866) more than 10% on Friday after the company officially launched its Onvo L90 SUV, boosting investor sentiment following a volatile month.
The Onvo L90 is NIO’s first vehicle under its new mass-market Onvo brand. It was priced from 265,800 yuan ($36,700), with a battery rental option that lowers the upfront cost for buyers.
Hong Kong-listed shares of the company jumped more than 10% to HK$38.30 on Friday.
The six-seat electric SUV features a 900-volt platform and a range of up to 605 kilometres, according to the company. Deliveries are expected to begin immediately for certain configurations.
NIO’s shares had swung sharply in recent weeks after the company first previewed the Onvo L90 in July. Market reaction was mixed at the time, as investors weighed the vehicle’s competitive positioning in China’s crowded EV segment and pricing wars.
The L90 will directly compete with Li Auto (NASDAQ:LI) ’s (HK:2015) i8 SUV, which was launched this week. However, i8’s starting price of 321,800 yuan was seen as pricier, sparking sharp losses in Li Auto shares.
Last month, Chinese regulators unveiled draft amendments to the national pricing law, banning below-cost selling and improper algorithm‑based pricing practices, in efforts to stabilize the overheated industry.