Chinese electric vehicle (EV) maker Nio's (NIO 2.67%) stock price jumped 8% on Thursday to close at $4.87, outpacing the broader market after its mass-market sub-brand Onvo reported an explosive start to L90 SUV sales. The stock hit an intraday high of $4.98. While shares remain about 37% below their 52-week high of $7.71, today's rally was one of the largest among U.S.-listed EV names.
The S&P 500 declined 0.4% and the Nasdaq Composite edged down 0.03%, as investors digested a mix of earnings and macroeconomic updates. Nio's strong upside stood in contrast to most of the tech sector.
Peer EV makers underperformed. Rivian Automotive (RIVN -3.69%) fell 1.2% to $12.87 amid concerns over a 22% drop in Q2 deliveries. Lucid Group (LCID -1.02%) slipped 1.6% to $2.46 despite a modest rebound earlier this month, as analysts remain cautious on demand trends.
The surge in Nio's share price followed news that its newly launched Onvo L90 SUV sold out its first 10,000-unit batch within three hours of opening online reservations. Analysts cited the quick sellout as a major sign of consumer interest in NIO's push into the mass market.
The Onvo brand now accounts for roughly 40% of Nio's monthly deliveries. Deutsche Bank analysts estimate Nio generated approximately 26,000 orders in July, up 11% month-over-month and ahead of local EV rivals. Management reiterated a goal to reach adjusted profitability by Q4 2025, with a longer-term plan to scale margin expansion and infrastructure like battery swaps and autonomous driving chips.
