NIO Surges Over 9% in Hong Kong as LeDao L80 Pre-orders Top L90's同期

On April 29, NIO-SW (09866.HK) shares surged 9.05%, closing at HK$52.65 per share, bringing its market capitalization to HK$131.9 billion and leading gains among new energy vehicle stocks listed in Hong Kong. On the same day, BYD Company, Li Auto-W, and XPeng Group-W also rose. The positive momentum followed news that on the evening of April 28, NIO’s sub-brand ONVO unveiled the pre-sale pricing for its new model, the ONVO L80: starting at RMB 245,800 for outright purchase, or from RMB 159,800 with the Battery-as-a-Service (BaaS) subscription plan. Following the launch event, William Li, founder, chairman, and CEO of NIO, stated that pre-order performance for the ONVO L80 has surpassed that of the ONVO L90 during the same period last year. The ONVO L80 is a mid-to-large five-seater SUV available in six exterior colors and four interior themes. It offers two intelligent driving configurations: an Orin-X vision-only version and a version equipped with the Shenni chip plus LiDAR. Display vehicles have already arrived at showrooms nationwide, with test drives opening fully on May 1 and official market launch scheduled for May 15. Customers who place pre-orders and finalize their configurations by July 31, 2026, will receive a RMB 1,000 deposit credit toward a RMB 3,000 discount on the final purchase price. First-time ONVO owners who repurchase another ONVO vehicle will receive 30,000 points, while first-time NIO or Firefly brand owners who repurchase will receive 10,000 points. ONVO is NIO’s second brand, targeting the mainstream family market with a price range of RMB 200,000 to RMB 300,000. Its first model, the ONVO L60, launched in September 2024 with a starting price of RMB 206,900, achieved monthly deliveries exceeding 10,000 units in its third month post-launch. The second model, the ONVO L90, debuted at the end of July 2025, priced from RMB 265,800 for the six-seater (RMB 179,800 with BaaS) and RMB 271,800 for the seven-seater (RMB 185,800 with BaaS). Cumulative deliveries have since surpassed 50,000 units. The updated 2026 ONVO L90 launched on April 21, offering both six- and seven-seat layouts across three trims—Pro, Max+, and Ultra+—with unchanged starting prices of RMB 265,800 (RMB 179,800 with BaaS). Financially, NIO reported its first-ever quarterly profit in Q4 2025, with net income of RMB 280 million and operating profit of RMB 12.5 billion. Deliveries reached 124,807 vehicles in the quarter, up 71.7% year-over-year (YoY) and 43.3% quarter-over-quarter (QoQ). Revenue totaled RMB 34.65 billion, rising 75.9% YoY and 59.0% QoQ, while gross profit reached RMB 6.07 billion, with vehicle gross margin at 18.1%—all setting new historical highs. For full-year 2025, NIO delivered 326,028 vehicles, up 46.9% YoY; revenue reached RMB 87.49 billion, up 33.1% YoY; total gross profit was RMB 11.92 billion, up 83.5% YoY; and overall gross margin stood at 13.6%, with vehicle gross margin at 14.6%—the highest levels since 2022. In Q1 2026, NIO delivered 83,465 vehicles, up 98.3% YoY. As of March 2026, cumulative deliveries reached 1,081,057 units. Specifically, March 2026 deliveries totaled 35,486 units, up 136.0% YoY and 70.6% MoM. Of these, the NIO brand delivered 22,490 units (up 120.1% YoY), ONVO delivered 6,877 units (up 42.7% YoY), and Firefly delivered 6,119 units (up 130.3% MoM).