Hong Kong’s electric vehicle (EV) manufacturers rose on Monday. NIO-SW up 11%; Li Auto up 3.5%; Baic Motor up nearly 2%.

In a note that came out Thursday afternoon, Morgan Stanley analyst Tim Hsiao reiterated his overweight rating on Nio and praised its new Onvo L90, full-size, all-electric, three-row crossover SUV, which has up to 375 miles of range on a full charge. Presale prices, said the analyst in a note covered by StreetInsider, are falling in line with expectations of a 270,000 yuan to 280,000 yuan purchase price (about $37,600 to $39,000 at the current exchange rate), and could get even cheaper once the automaker announces official pricing for Aug. 1 deliveries.

Onvo is a discount marque owned by Nio, similar to Hyundai's Kia brand. And as Hyundai does with its Kia models, Nio is taking a more-for-less approach to the new L90, offering "interior space and specs ... fairly competitive" with Li Auto's L9 full-size luxury electric SUV (for example), but at a price more on the level with the mid-size L6 SUV. Hsiao says the Onvo L90 compares favorably on specs to Xpeng's G9 and Xiaomi's YU7, but at similar prices.