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On Wednesday, NIO shares trade lower premarket, amid 30% loss in six months, and BofA Securities analyst lowering price target to $5.9.

Xiaomi CEO Lei Jun explores Nio's Onvo L60, hinting at potential EV collaboration, amid efforts to integrate Xiaomi ecosystem into broader vehicle market.

Nio Inc (NYSE:NIO) stock was trading higher Thursday amid reports that the EV maker is launching its first vehicle under the Onvo brand, marked at a discount versus Tesla Inc (NASDAQ:TSLA). It has reversed the gains since then. Nio’s L60 SUV will be priced around $4,000 less than Tesla’s Model Y. Nio plans to deliver the L60 in September. Nio’s CEO, William Li, mentioned in a CNBC interview that he anticipates Onvo will eventually sell its cars internationally. Also Read: Tesla’s Chinese Rival N

Nio Inc's expansion strategy gains momentum with the imminent launch of its mass-market EV model, targeting affordability without compromising quality. CEO William Li's confirmation of the Onvo sub-brand's focus on challenging Tesla's Model Y underscores Nio's commitment to global competitiveness.

Chinese EV giants XPeng and NIO experience premarket declines despite positive delivery figures, reflecting ongoing volatility in the sector.