Company NIO Inc. (NYSE:NIO) shares are Trading higher on ThursdayNio's Onvo currently has 180 store managers in China, of which 40% come from Tesla, Inc. (NASDAQ:TSLA) and 27% of Auto Li (NASDAQ:LI), according to Xia Qing HuaHead of Services and User Operations at Onvo, CnEV Post information.
Stories of competition between NIO and Tesla are not new! In early May, NIO reportedly reached an agreement with a larger competitor BYD Co., Ltd. (OTC:BYDDY) will procure batteries for a new electric vehicle brand positioned at a lower price range, aiming to compete with Tesla, Reuters reported.
Read also: Why Tesla shares are up about 3% in Thursday's premarket session
Meanwhile, Onvo is planning to officially launch the L60 today. The L60 first appeared on May 15 and opened for pre-orders at a promotional price of RMB 219,900, which includes the battery.
This price is RMB 30,000 lower than the current starting price of the Tesla Model Y in China.
Qinghua set off on a 20,000-kilometer long-distance journey across China in an Onvo L60 on August 15, shortly after the first production vehicle was completed.
He shared these details during a conversation with Nio founder, chairman and CEO William Li while they were in the car, near the end of today's trip, CnEV Post added.
Onvo opened its first 105 stores in China on September 1 and the total number of stores now reaches 120.
Price Action: NIO shares were trading up 6.87% at $5.37 at last check on Thursday.
Disclaimer:This content was partially produced with the assistance of artificial intelligence tools and was reviewed and published by Benzinga editors.
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This article Chinese company NIO says 40% of its store managers are former Tesla employees Originally appeared in Benzinga.com
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