Nio (NIO) has unveiled a new brand called Onvo that it thinks will better compete for the average vehicle customer compared to its current name brand, Nio, that focuses on an appeal to luxury.
Nio unveils Onvo L60, a more mainstream model with a 620-mile range. JPMorgan analyst places $5.40 price target on NIO stock. NIO shares drop 7.9% on Wednesday despite upgrade. Lighter US inflation, Retail Sales boost NASDAQ. Nio has unveiled a new brand called Onvo that it thinks will better compete for the average vehicle customer compared to its current name brand, Nio, that focuses on an appeal to luxury.
Lithium-ion battery technology became advanced enough to produce EVs at scale in the late 1990s and 2000s, and sales have been steadily increasing since then Tesla’s Roadster was unveiled in 2008. EVs are viewed as a means of reducing carbon emissions since battery electric vehicles themselves produce zero emissions. Other vehicles called plug-in hybrid electric vehicles utilize both battery electric power and ICEs as a backup.
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