NIO Inc (NYSE:NIO) shares are trading higher. New reports indicate the company on Wednesday launched its first vehicle under its new Onvo brand.

What Happened: Nio launched its first vehicle under its new lower cost brand Onvo on Wednesday, according to Reuters. The vehicle, called the Onvo L60, is expected to be priced at a lower range to compete with Tesla Inc's (NASDAQ:TSLA) Model Y, which is currently the world's top selling electric vehicle.

During the product launch in Shanghai, Nio CEO William Li reportedly said the vehicle is designed to compete with both Tesla's Model Y and Toyota's RAV4. Li also noted that Nio aims to deliver a family car with a balance in product experience and ownership costs.

The news comes about a week after reports suggested Nio was teaming up with Warren Buffett-backed BYD to develop new batteries for its competitively-priced EV brand.

Is NIO A Good Stock To Buy?

Wall Street analysts view Nio on the whole as Neutral, given the history of coverage over the past three months. Nick Lai from JPMorgan is the most bearish, expecting a 41.18% fall in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past three months, Nio fell 4.65%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 3.43% over the past year.

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NIO Price Action: Nio shares were up 4.49% at $6.05 at the time of publication, according to Benzinga Pro.