NIO’s Hong Kong-listed stock jumped 8.7% on Wednesday after the Chinese EV maker pulled the cover off its new Onvo L80 SUV. U.S.-listed NIO stock was up around 2% at time of writing.
The L80 is a large five-seat SUV and the two-row version of the existing L90 model. It sits under NIO’s Onvo sub-brand and is built on the NT 3.0 platform with a 900V high-voltage architecture.
The pre-sale price comes in at 245,800 yuan ($35,940) with a battery pack, or 159,800 yuan under the Battery as a Service option. That puts it about 7.5% below the L90’s starting price of 265,800 yuan.
#NIO Onvo L80 has been shipped nationwide, with customer experience starting April 28. The model is officially billed as China’s largest cargo space 5-seat SUV. https://t.co/PLm7KQpJ94 pic.twitter.com/3mUt2vjbQl
— ThinkerCar (@thinkercar) April 27, 2026
It also undercuts the Tesla Model Y in China by roughly 7%, which is likely to raise some eyebrows in an already competitive market.
Pre-sales opened Wednesday. Test drives begin May 1 at all NIO stores nationwide.
The official launch and first deliveries are set for May 15, which happens to mark the second anniversary of the Onvo brand.
NIO says the L80 shares major components with the L90, a deliberate move to drive scale and cut costs. The company pointed to space utilization as a key selling point for the new model.
NIO is leaning on the L80 and the upcoming Nio ES9 flagship SUV to keep sales momentum going through the rest of the year.
The Onvo sub-brand expansion is part of a broader push to compete across more price points in China’s crowded EV market.
NIO reported its first-ever profitable quarter in Q4 2025, a milestone that’s added weight to its 2026 lineup plans.
The stock has already gained about 29% year-to-date heading into Wednesday’s announcement.
Wall Street currently holds a Moderate Buy consensus on NIO, based on six Buy ratings, two Holds, and one Sell.
The average price target sits at $6.50, which analysts say puts the stock roughly at full value following its recent run.
With several model launches still planned for 2026, analysts expect NIO to keep building on that Q4 profitability.
The L80 debut is the latest step in what has been a busy product year for the company.
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