NIO-SW (09866.HK) -0.650 (-1.935%) Short selling $65.78M; Ratio 24.660% 's sub-brand, Onvo, officially started pre-sales for its second model, the Onvo L90, according to BOCOMI's research report. The pre-sale price for the entire vehicle starts at RMB279,900, beating expectations, while the price for BaaS option was as low as RMB193,900. Its dislocation competition strategy further highlighted its market ambition, including a starting price of RMB279,900, which is lower than the similarly sized AITO M9 pure electric version, with more space advantage than Xiaomi YU7, impacting the family SUV market with multi-dimensional competitiveness in performance, configuration and price.Related NewsM Stanley Expects NIO (NIO.US) Onvo L90 Monthly Sales to Reach 5K Units w/ Rating OverweightBOCOMI believed that, although this strategy may impact internal models like Nio ES6, it precisely addresses consumer demand for 'large space + high cost-performance ratio.' NIO-SW's current 2025 PS ratio is about 0.6x, with limited downside space, while marginal improvements presented a short-term rebound opportunity for the stock price, BOCOMI added. Therefore, the broker kept rating at Buy, and target price at $48.96.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-16 16:25.)