NIO Inc. (NYSE:NIO) shares are trading higher on Thursday. Nio’s Onvo currently has 180 store managers in China, 40% of whom are from Tesla, Inc. (NASDAQ:TSLA) and 27% of Li Auto (NASDAQ:LI), according to Xia Qinghuahead of Onvo’s user and service activities, CnEV Post reports.
The competitive stories between NIO and Tesla are not new! Earlier this May, NIO reportedly reached an agreement with a larger competitor BYD Co., Ltd. (OTC:BYDDY) to source batteries for a new lower-end EV brand aimed at competing with Tesla, according to a Reuters report.
Also read: Why Tesla shares are up about 3% in premarket on Thursday
Meanwhile, Onvo is officially set to launch the L60 later today. The L60 first appeared on May 15th and opened for pre-orders at a promotional price of RMB219,900, including the battery.
This price is RMB 30,000 lower than the current starting price of the Tesla Model Y in China.
On August 15, shortly after the first production vehicle was completed, Qinghua embarked on a 20,000-kilometer journey across China in an Onvo L60.
He shared these details during a conversation with Nio founder, chairman and CEO William Li in the car, just before the end of the trip, CnEV Post added.
On September 1, Onvo opened its first 105 stores in China. The total number of stores now stands at 120.
Price promotion: NIO shares were up 6.87% to $5.37 at last check on Thursday.
Disclaimer: This content is produced in part using AI tools and was reviewed and published by Benzinga’s editors.
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This article China’s NIO says 40% of its store managers are ex-Tesla originally appeared on Benzinga.com
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