Chinese EV maker Nio climbs as presales of its cheap new SUV and Tesla rival kick off

Chinese EV maker Nio closed up 6% in Hong Kong on Friday, while its ADRs have ticked up more than 6% in the US Friday morning. Investors are cheering the successful launch of presales for its three-row Onvo L90 electric SUV, which starts at 193,900 yuan, or about $27,000.

According to Citi, that’s “the cheapest large-size SUV” that falls within the 200,000 yuan average selling price. The Onvo L90 is priced below Tesla’s Model Y, which is China’s bestselling SUV. Model Y sales have reportedly been flat for three years as Tesla’s struggled with steeper Chinese competition.

Nio’s ADRs caught a big bid in the last half-hour of trading on Thursday, which occurred amid an explosion in demand for September calls with a strike price of $3.50.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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