ONVO L90 opens for pre-sale with a disruptive price starting from $38,600 for full purchase and $26,700 under the battery rental (BaaS) plan.
On July 14, Hong Kong-listed auto stocks rallied broadly, with NIO surging over 10% intraday, becoming a major market highlight. The key driver behind the stock spike was the strong pre-sale performance of ONVO’s latest model—the L90—and its disruptive impact on the mid-to-large-size SUV segment.
On the evening of July 10, ONVO officially launched the L90 pre-sale, offering the SUV at an aggressive starting price of RMB 279,900 ($38,600) for outright purchase and RMB 193,900 ($26,700) with a battery leasing option. With a RMB 2,000 ($275) deposit offset, the effective BaaS pre-sale price drops further to RMB 190,900 ($26,400). This pricing significantly undercuts competitors like the AITO M9 EV and the Xiaomi YU7, lowering the entry barrier for large pure-electric SUVs.
The nearly 3-hour-long L90 pre-sale event became the longest single-model product launch in NIO’s history. Within an hour of the event’s conclusion, NIO’s stock rose by over 5%.
Notably, the L90 is a full-size electric SUV exceeding 5.1 meters in length with a 3+ meter wheelbase and three-row 6/7-seat configuration—an offering rarely seen below the RMB 300,000 ($41,400) mark. Despite the low pricing, ONVO didn’t compromise on quality: feature configurations, interior design, and spatial flexibility all stand out within its price range.
The model received immediate and enthusiastic feedback upon launch, sparking widespread discussions online and heavy showroom traffic offline. Sales staff shared on Rednote that during the L90’s first pre-sale weekend, potential buyers were still queuing up to see the car as late as 9 PM.
In its latest report, BOCOM International noted the L90’s pre-sale price “far exceeded expectations,” stating the model struck a strong balance between value and interior space.
With growing consumer interest, institutional sentiment toward NIO is also shifting. BOCOM maintained a “Buy” rating in its July 14 report, noting that NIO’s 0.6x price-to-sales ratio leaves limited downside. The focus has now turned to margin recovery and cost control. Besides, China International Capital Corporation (CICC) reaffirmed its bullish outlook, maintaining a HK$41 ($5.33) target price and “Outperform” rating—implying a 40% upside from current levels and reflecting confidence in NIO’s path to profitability.
The core data supporting this view: NIO delivered 72,056 vehicles in Q2, aligning with its 72,000–75,000 guidance and boosting investor confidence.
NIO aims to break even by Q4 this year. To do so, it plans to increase its gross margin to 17–18% and cut its R&D expense ratio from 20% in 2024 to 6–7%. The ONVO brand, along with the Firefly sub-brand, is expected to contribute 70% of the 440,000-unit full-year delivery target.
As ONVO’s second model, the L90’s market performance will be critical to NIO’s profitability goals. With showroom vehicles now arriving, pre-order figures will soon become the next focal point for capital markets.
Can the L90 fuel a sustained sales ramp and help NIO deliver on its Q4 profit target? Whether this marks a turning point or just a flash in the pan remains to be seen—but the coming months will be key.
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