NIO Inc ( NIO ). shares are trading higher in the premarket session on Friday.

The Chinese EV maker reportedly revealed some developments from its sub-brand, Onvo.

The company confirmed the official name of its second model, the Onvo L90, which had previously been speculated to be the Onvo L80, CnEV Post reports.

Onvo President Alan Ai revealed the name during a live video stream with Charles Zhang, the founder of Chinese news portal Sohu, and shared the model’s key features, CnEV Post adds.

The Onvo L90 will serve as the flagship model for the sub-brand, designed as a large SUV with three-row seating.

Recently, NIO unveiled a technological advancement in the realm of electric vehicle manufacturing.

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The company has developed a self-hardening aluminum alloy for high-pressure die casting, which is already used in the body-in-white of its NIO ET9 and Onvo L60 models.

This new alloy promises to enhance both performance and cost-efficiency in EV production.

Notably, it marks the first self-hardening alloy for large structural castings developed by a Chinese automotive brand, posing a challenge to the dominant C611 aluminum in China's die-casting market.

This breakthrough may have far-reaching implications for the EV industry as a whole.

According to Benzinga Pro, NIO stock has lost over 26% in the past year. Investors can gain exposure to the stock via KraneShares Electric Vehicles and Future Mobility Index ETF .

Price Action: NIO shares are trading higher by 2.63% to $4.485 premarket at last check Friday.

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