Nio (NYSE:NIO) Shares Surge with Two New Cars in Europe - TipRanks.com

Nio (NYSE:NIO) shares rose over 3% as the company announced plans to launch two new electric vehicle models in Europe. One model targets the mass market while the other, priced under $30,000, aims to make EVs more affordable. This move is seen as a strategy to compete more effectively with sector leader Tesla (NASDAQ:TSLA).

Additionally, Nio introduced a new sub-brand called Onvo, with its first model, the L60, soon to be unveiled. Details about Onvo remain sparse, utilizing a marketing strategy of building anticipation. Wall Street holds a Moderate Buy consensus on NIO stock, with an average price target suggesting a 20.66% upside potential.