NIO Inc. ( NIO ) shares are trading marginally lower on Tuesday.

On September 1, the company’s sub-brand Onvo will debut its first stores, nearly coinciding with the upcoming launch of its initial model, the L60, reported CnEV Post.

On September 1, the company’s sub-brand Onvo will open its first stores, marking the imminent launch of its debut model, the L60.

The Onvo L60 is a mid-size SUV measuring 4,828 mm in length, 1,930 mm in width, and 1,616 mm in height, with a wheelbase of 2,950 mm.

In comparison, the Tesla Model Y measures 4,750 mm in length, 1,921 mm in width, and 1,624 mm in height, with a wheelbase of 2,890 mm, CnEV Post noted.

“On September 1, the first stores across the country will open and we invite you to check out the Onvo L60,” a poster reads, CnEV Post added.

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On May 15, Nio officially launched the Onvo brand, previously known as Alps, targeting the mass market. Additionally, the company has another sub-brand, Firefly, aimed at the budget segment.

The Onvo L60 was unveiled in May and can be pre-ordered at a promotional price of RMB219,900 ($30,840), which is RMB30,000 less than the starting price of the Tesla Model Y in China.

Onvo plans to offer the L60 with an option to lease the battery separately from the body, similar to NIO’s approach, making the vehicle more affordable.

The L60 is slated for official release in late September, with deliveries starting about a week after its launch, according to Onvo President Ai Tiecheng in a July 25 live stream.

The first Onvo L60 production vehicle was completed on August 15 at NIO’s F2 factory in Hefei NeoPark, Anhui province. The report further noted that Ai Tiecheng delivered the vehicle to Xia Qinghua, who oversees Onvo’s user and service operations.

Price Action: NIO shares are trading lower by 1% to $3.99 at last check Tuesday.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.