NIO Inc.: ONVO Launched Refreshed L60 – More Intelligence, Sharper Price, Bigger Ambition

Research evidence excerpt

NIO Inc.: ONVO Launched Refreshed L60 – More Intelligence, Sharper Price, Bigger Ambition

Update

June 11, 2026 03:50 PM GMT

Morgan Stanley Asia Limited+MNIO Inc. | Asia Pacific Tim Hsiao

Equity Analyst

ONVO Launched Refreshed L60 Tim.Hsiao@morganstanley.comPeggy Wang +852 2848-1982

Research Associate

Peggy.Pc.Wang@morganstanley.com +852 3963-3934

– More Intelligence, Sharper Shelley Wang, CFA

Shelley.Wang@morganstanley.com +852 3963-0047

Price, Bigger Ambition Joey Xu, CFA

Joey.Xu@morganstanley.com +852 3963-0337

Key Takeaways

NIO Onvo officially launched the refreshed L60 at RMB192.8k-222.8k (or

RMB135.8k- 165.8k under BaaS).

The new L60 is priced 7-13% below the previous version despite a step-change in

hardware, making tonight's launch a genuine positive surprise. NIO Inc. (9866.HK, 9866 HK)

China Autos & Shared Mobility | China

More aggressive pricing should drive a mix shift toward higher-spec trim, similar

Stock Rating Overweight

to trends observed across recent Onvo and broader Chinese SUV launches. Industry View In-Line

Price target HK$58.00

Up/downside to price target (%) 39

A substantive refresh: The updated L60 introduces NIO's in-house 5nm Shr price, close (Jun 11, 2026) HK$41.78

automotive-grade Shenji NX9031 chip for the first time and adds a LiDAR-equipped 52-Week Range HK$61.75-25.80

Sh out, dil, curr (mn) 2,273

variant — paired with the latest version of NWM, targeting a meaningful upgrade to Mkt cap, curr (mn) Rmb161,868.8

driving experience. With the L60's launch, every Onvo model now carries the EV, curr (mn) Rmb153,027.3

Avg daily trading value (mn) HK$342

NX9031 chip, the NIO World Model, and the SkyOS Tianshu vehicle operating

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

system, completing a platform unification cycle across L90/L80/L60.