$NIO's ONVO L60 proves one thing
$NIO Inc.(NIO)$ 's ONVO L60 proves one thing.
That $Tesla Motors(TSLA)$ was selling very simple EVs that were being marketed in a way that was pure genius. Despite having one of the most boring driver's cockpits of any 4-wheeled vehicle, Tesla was able to convince people to pay $45K to $60K for their Model 3s and Model Ys. People paid more for less!
So, what did Nio do? It went and built the same kind of car. Same very boring, simple, no-frills, and minimalistic feel. Only they're selling it at half the price of a Tesla. Starting at just $21K, the #ONVO is giving everyday drivers a chance to own a similar vehicle but with the most advanced battery-swapping tech available.
If these cars ever make it to US shores...
I guess you can see why the need for 100% tariffs on Chinese EVs.
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NIO Chairman Li Bin just gave some eye-popping guidance:
"Next month, ONVO will be able to produce 5,000 vehicles, and by December, it will be able to increase production to 10,000 vehicles. By January 2025, it will be able to achieve a production volume of at least 16,000 vehicles, and by March 2025, it will be able to produce 30,000 vehicles per month."
30K per month! That's quite the target. Of course, execution is key and anything we hear now needs to be taken with a grain of salt. The market will be watching these monthly ONVO numbers very closely in 4Q24 and 1Q25.
NIO short-selling turnover ratio in HK today is at a whopping 38%. Ballsy.
https://x.com/BrianTycangco/status/1836967480021111090
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