Tesla Rival Nio Slashes Price on New Onvo-Branded L60 SUV

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Nio, Tesla’s Chinese rival, has announced a price cut for its new Onvo-branded L60 SUV, intensifying competition in the electric vehicle market. The L60, Onvo’s first car, is now priced at 149,900 Chinese yuan ($21,210) when purchased with a battery subscription starting at 599 yuan per month (approximately $1,000 annually). Alternatively, buyers can opt for a model with both the car and the battery for 206,900 yuan. Deliveries are set to begin on September 28.

Nio’s shares briefly surged by more than 3.5% in U.S. trading after the L60’s price drop announcement. When the Onvo brand was first introduced in May, the L60 was priced at 219,900 yuan, already lower than Tesla’s Model Y, which sells for 249,900 yuan in China.

Nio CEO William Li, in an exclusive interview, hinted at plans to launch Onvo in Europe next year, although no specific timeline was provided. Li emphasized that Onvo is intended to target a different market segment than Nio’s premium vehicles, and he expects no significant overlap in customer bases. Li also noted that Nio’s deliveries have improved since the Onvo brand’s announcement, signaling the new brand’s potential to capture a broader audience.

China’s electric vehicle industry is fiercely competitive, with several companies aiming to challenge Tesla’s market share. Geely-backed Zeekr is set to launch its first midsize electric SUV, the Zeekr 7X, priced at 239,900 yuan, while Xpeng recently introduced its mass-market Mona brand, with the M03 electric coupe starting at 119,800 yuan. Tesla’s cheapest offering in China, the Model 3, costs 231,900 yuan, even after an April price cut.

Chinese electric car manufacturers have increasingly set their sights on expanding overseas, particularly in Europe. However, the European Union is on the verge of increasing tariffs on Chinese-made battery electric vehicles, which could further challenge these automakers. Nio is cooperating with the EU’s investigation into Chinese EV subsidies, and its vehicles will face a 20.8% duty, higher than the tariffs imposed on competitors Geely and BYD.

Nio plans to begin deliveries in the United Arab Emirates during the fourth quarter, according to Li, who shared these details during a recent earnings call. He acknowledged the challenges posed by Europe’s tariffs but noted that Nio is still committed to its existing markets and continues to build infrastructure, such as power swap stations, in Europe. Nio also opened its “Nio House” in Amsterdam earlier this year.

Li expects monthly deliveries of the L60 to reach 10,000 by December, with a goal of 20,000 per month by 2024. The company anticipates a 15% vehicle margin on the Onvo-branded cars and aims to have over 200 stores in China by the end of this year, with more than 100 already open. Additionally, Nio is preparing to launch its even lower-priced Firefly brand internationally next year.

 

Nike CEO John Donahoe Steps Down, Elliott Hill Takes Over Amid Restructuring

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Nike announced Thursday that CEO John Donahoe is stepping down, with company veteran Elliott Hill coming out of retirement to take the helm. Donahoe, who has led Nike since January 2020, will retire on October 13, staying on as an advisor through January. Hill, a 32-year Nike veteran who rose through the ranks to lead the company’s consumer and marketplace division before retiring in 2020, will officially take over the CEO role on October 14.

Shares of Nike surged 8% in after-hours trading following the announcement, although the stock remains down more than 25% this year. The transition comes as Nike grapples with challenges from shifting consumer trends and declining sales in key markets like China.

Mark Parker, Nike’s executive chairman, expressed his confidence in Hill’s leadership: “Elliott’s global expertise, leadership style, and deep understanding of our industry and partners make him the right person to lead Nike’s next stage of growth.” Hill, based in Austin, began his career as an intern at Nike and was well-regarded by employees for his leadership before retiring. In a statement, Hill said, “Nike has always been a core part of who I am, and I’m ready to help lead it to an even brighter future.”

Nike’s decision to bring Hill back comes amid a broader restructuring effort. Critics say that in focusing on direct-to-consumer sales, Nike lost sight of its hallmark innovation in sneakers, allowing competitors like On Running and Hoka to capture market share. Nike’s fiscal fourth-quarter results in June were disappointing, with sales expected to drop 10% in the current quarter. This outlook was far worse than the 3.2% decline analysts had anticipated, leading to Nike’s worst trading day in its history.

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Though Nike has grown its annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024 under Donahoe, the company is now attempting to return to the fundamentals that once made it a market leader. Donahoe, who previously led eBay and Bain & Company, was brought on in part to strengthen Nike’s digital transformation and e-commerce strategies. However, the pandemic’s end saw Nike struggling to maintain the momentum of its direct-selling strategy, which included cutting off wholesale partners. Donahoe acknowledged earlier this year that Nike may have overreached in this effort, and the company is working to rebuild relationships with wholesalers.

Hill’s appointment signals Nike’s intent to focus on reinvigorating its culture and addressing internal challenges. Jessica Ramirez, senior research analyst at Jane Hali & Associates, sees Hill’s deep knowledge of the company’s culture as essential to overcoming a “morale slump” at Nike. “He has quite some work to do across various teams, but I think that’s what needs to be the focus—its culture, and therefore, enabling the ability to have better products and newness,” said Ramirez.

Nike is also implementing cost-saving measures to navigate these turbulent times. The company announced a plan in December to reduce costs by $2 billion over the next three years and recently revealed it would cut 2% of its workforce, equating to over 1,500 jobs. Nike intends to reinvest in key growth areas, such as the running category, the women’s sector, and the Jordan brand.

Phil Knight, Nike’s co-founder, also voiced his support for Hill’s return, acknowledging the challenges ahead but expressing optimism. “Leadership changes are never easy… but I couldn’t be more excited to welcome Elliott back to the team. We’ve got a lot of work to do, but I’m looking forward to seeing Nike back on its pace,” Knight said.

 

Kamala Harris Joins Oprah Winfrey in Emotional Virtual Campaign Event

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On Thursday night, Vice President Kamala Harris participated in a star-studded virtual event hosted by Oprah Winfrey, aiming to energize voters ahead of the November 5 election. The event, titled “Unite for America,” was organized by the activist group Win with Black Women and featured emotional moments and celebrity endorsements. It drew hundreds of thousands of viewers across social media platforms, aiming to boost Harris’ campaign in key battleground states like Pennsylvania, Georgia, and Michigan.

One of the most poignant moments came when Shanette Williams, the mother of Amber Nicole Thurman, a 28-year-old Georgia woman who died in 2022 due to delays in medical treatment caused by the state’s restrictive abortion laws, shared her heartbreaking story. Williams told the audience, “You’re looking at a mother that is broken,” while Harris, visibly moved, responded with compassion, saying, “I’m just so sad. The courage that you all have shown is extraordinary.” The raw emotion of the moment left many in the audience in tears.

Another powerful moment came from the Griffith family, whose 15-year-old daughter, Natalie, survived being shot twice in a math class shooting just two weeks ago. Natalie’s mother, Marilda, spoke passionately about the need for change: “We have a job, that job is to protect our children. We have to stop it,” she said, echoing the growing call for gun control reforms.

Throughout the event, Harris reiterated the Democratic Party’s promise to restore national abortion rights, impacted by the 2022 Supreme Court ruling, and to push for a ban on assault weapons frequently used in mass shootings.

The virtual event was packed with celebrity appearances, including comedians Chris Rock and Ben Stiller, as well as actors Julia Roberts, Meryl Streep, and Bryan Cranston, who each shared their support for Harris. Chris Rock delivered a particularly memorable line, saying, “I want to bring my daughters to the White House to meet this Black woman president.” Winfrey also commended Harris’ rapid rise after President Joe Biden stepped down from the race in late July, praising her for “stepping into her power” during a crucial moment.

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Harris acknowledged the challenges she has faced but expressed confidence in her ability to lead, telling the audience, “You know we each have those moments in our lives when it’s time to step up.” Her campaign has experienced a surge in enthusiasm and fundraising since becoming the Democratic nominee.

An unguarded moment occurred when Winfrey brought up Harris being a gun owner, to which Harris candidly responded, “If somebody breaks in my house, they’re getting shot.” She quickly added, “Probably should not have said that,” drawing laughter from the audience.

Campaign advisers revealed that nearly 200,000 people registered to watch the event, with the YouTube stream alone attracting close to 100,000 viewers by the end. The event was also streamed across various social media platforms including Instagram, Facebook, TikTok, and Twitch.

Dozens of grassroots organizations, such as Latinas for Harris, White Dudes for Harris, and Win With Black Men, participated in virtual organizing and fundraising calls in the days leading up to the event, marking the first time all these groups came together for one campaign effort.

According to a recent Reuters poll, Harris leads former President Donald Trump 47% to 42%. Harris is also polling ahead in critical battleground states like Michigan, Pennsylvania, Wisconsin, Nevada, and North Carolina, while Trump has stronger support in Georgia. Polling averages from FiveThirtyEight show that the two candidates are tied in Arizona.

While the event helped boost enthusiasm, Harris’ campaign chief, Jen O’Malley Dillon, warned supporters that the race remains tight, particularly in key battleground states. “It’s tied right here in Michigan. It’s tied in all the battleground states,” she said, emphasizing the importance of continued effort.

In related news, the pro-Palestinian grassroots organization Uncommitted National Movement, which holds significant sway in Michigan, announced that it would not be endorsing Harris, despite opposing Trump and discouraging support for third-party candidates.