3m investor day presentation

Press Releases

3M Reports Third Quarter 2023 Results; Company Increases Full Year Adjusted Earnings and Cash Flow Expectations

Related documents.

• Q3 results reflect strong operational execution, restructuring actions, and proactive spending discipline
• Progressing Health Care spin with leadership appointments; expect to complete spin during first half of 2024
• Addressing legal matters with announced Combat Arms settlement; received preliminary court approval for PFAS Public Water Systems agreement

ST. PAUL, Minn. , Oct. 24, 2023 /PRNewswire/ -- 3M (NYSE: MMM) today reported third quarter 2023 results.

"We are building momentum through strong operational execution. In the third quarter 3M again delivered for our customers in an uncertain environment, positioning us for a solid close to 2023. Our actions led to underlying earnings ahead of our expectations, as well as better than expected margins and cash flow," said 3M chairman and CEO Mike Roman. "Our results reflect continued execution of our priorities -- driving operational performance, spinning off Health Care, and reducing risk and uncertainty. Our strengths in material science innovation align with global trends in high-growth markets and sustainability, enabling us to develop indispensable products in attractive areas such as automotive electrification, climate technology, and industrial automation."

Third Quarter Highlights:

• GAAP loss per share of $3.74 and operating margin of minus 31.9% include the previously announced settlement for Combat Arms, resulting in a pre-tax charge of $4.2 billion, negatively impacting EPS by $5.80.
• Adjusted EPS up 3 percent year-on-year.
• Adjusted operating income margin expanded 1.6 percentage points year-on-year.
• Sales of $8.3 billion, down 3.6 percent year-on-year, with organic sales decline of 3.7 percent year-on-year.
• Adjusted sales of $8.0 billion, down 3.0 percent year-on-year with adjusted organic sales decline of 3.1 percent year-on-year.
• Operating cash flow of $1.9 billion, up 25 percent year-on-year; adjusted free cash flow of $1.9 billion, up 39 percent year-on-year.
• 3M returned $828 million to shareholders via dividends.

The above includes reference to certain non-GAAP measures. See the "Supplemental Financial Information Non-GAAP Measures" section for applicable information.

Full-Year 2023 Outlook

As a result of 3M's year-to-date performance and the continued strong operational execution, the company is raising its full-year 2023 adjusted EPS 2 and adjusted free cash flow conversion 2 expectations.

3M anticipates adjusted EPS 2 to be in the range of $8.95 to $9.15 versus $8.60 to $9.10 prior.

Adjusted operating cash flow 2 is estimated in the range of $6.5 to $6.9 billion, contributing to 100 to 110 percent adjusted free cash flow conversion 2. This compares to a prior expected range for adjusted operating cash flow 2 of $5.9 to $6.3 billion, contributing to an adjusted free cash flow conversion 2 range of 90 to 100 percent.

Adjusted full-year total sales growth 2 is forecasted to decline by approximately -5 percent versus a decline of -5 to -1 percent prior, reflecting a decline in adjusted organic sales 2 of approximately -3 percent versus the lower end of -3 percent to flat prior.

Notification and Registration Process Progressing On the Combat Arms Earplug Agreement

On August 29, 2023, 3M issued a press release  announcing that it reached an agreement with the court-appointed negotiating plaintiffs' counsel to resolve the Combat Arms Earplug litigation against Aearo Technologies (Aearo) and 3M. Under the agreement, 3M will contribute consideration totaling $6.0 billion between 2023 and 2029. As a result of the agreement, the company recorded a pre-tax charge of $4.2 billion in the third quarter of 2023. The charge reflected the $5.3 billion pre-tax present value of contributions under the agreement net of 3M's then-existing accrual of $1.1 billion related to this matter.

Conference Call

3M will conduct an investor teleconference at 9 a.m. EDT (8 a.m. CDT) today. Investors can access this conference via the following:

• Live webcast at https://investors.3M.com
• Live telephone: Call 800-762-2596 within the U.S. or +1 212-231-2916 outside the U.S. Please join the call at least 10 minutes before the start time.
• Webcast replay at  https://investors.3m.com/financials/quarterly-earnings
• Telephone replay: Call 800-633-8284 within the U.S. or +1 402-977-9140 outside the U.S. (for both U.S. and outside the U.S., the access code is 22024176). The telephone replay will be available until 11:30 a.m. EDT (10:30 a.m. CDT) on October 31, 2023.

Consolidated Financial Statements and Supplemental Financial Information Non-GAAP Measures

View the Financial Statement Information on 3M's website:  https://investors.3m.com/financials/quarterly-earnings

Forward-Looking Statements

This news release contains forward-looking information about 3M's financial results and estimates and business prospects that involve substantial risks and uncertainties. You can identify these statements by the use of words such as "plan," "expect," "aim," "believe," "project," "target," "anticipate," "intend," "estimate," "will," "should," "could," "would," "forecast" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans or prospects. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions and other factors beyond the Company's control, including inflation, recession, military conflicts, natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) risks related to unexpected events such as the public health crises associated with the coronavirus (COVID-19) global pandemic; (3) foreign currency exchange rates and fluctuations in those rates; (4) risks related to certain fluorochemicals, including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS-related products and chemistries, as well as risks related to the Company's plans to exit PFAS manufacturing and discontinue use of PFAS across its product portfolio; (5) risks related to the proposed class-action settlement ("PWS Settlement") to resolve claims by public water systems in the United States regarding PFAS, including whether court approval of the PWS Settlement will be obtained, whether the number of plaintiffs that opt out of the PWS Settlement will exceed current expectations or will exceed the level that would permit 3M to terminate the PWS Settlement (and whether 3M will elect to terminate the PWS Settlement if this occurs), whether the PWS Settlement is appealed, the timing and amount of payments made under the PWS Settlement, and the impact of the PWS Settlement on other PFAS-related matters; (6) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2022 and any subsequent quarterly reports on Form 10-Q (the "Reports"); (7) competitive conditions and customer preferences; (8) the timing and market acceptance of new product and service offerings; (9) the availability and cost of purchased components, compounds, raw materials and energy due to shortages, increased demand and wages, supply chain interruptions, or natural or other disasters; (10) unanticipated problems or delays with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (11) the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies; (12) operational execution, including the extent to which the Company can realize the benefits of planned productivity improvements, as well as the impact of organizational restructuring activities; (13) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; (14) the Company's credit ratings and its cost of capital; (15) tax-related external conditions, including changes in tax rates, laws or regulations; (16) matters relating to the proposed spin-off of the Company's Health Care business; and (17) matters relating to Combat Arms Earplugs ("CAE"), including those relating to the voluntary chapter 11 proceedings of the Company's subsidiary Aearo Technologies and certain of its affiliates ("Aearo Entities"), as well as those related to the August 2023 settlement that is intended to resolve, to the fullest extent possible, all litigation and alleged claims involving the CAE sold or manufactured by the Aearo Entities and/or 3M ("CAE Settlement"), including, but not limited to, whether the anticipated participation by plaintiffs in the CAE Settlement will be achieved, whether the number of plaintiffs that participate in the CAE Settlement will meet current expectations or will fall below the level that would permit 3M to terminate the CAE Settlement (and whether 3M will elect to terminate the CAE Settlement if this occurs), whether there will be a significant number of future claims by plaintiffs that decline to participate in the CAE Settlement, whether the CAE Settlement is appealed or challenged, whether the requirements applicable to the issuance of the equity securities that are contemplated to be part of the CAE Settlement will be met, the filing of additional, or the outcome of any other pending or future, litigation relating to the products that are the subject of the CAE Settlement, or changes in related laws or regulations. Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Reports under "Cautionary Note Concerning Factors That May Affect Future Results" and "Risk Factors" in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Reports). The Company assumes no obligation to update any forward-looking statements discussed herein as a result of new information or future events or developments.

3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we're working to improve lives and make what's next at 3M.com/news or at @3M or @3MNews.

Please note that the company announces material financial, business and operational information using the 3M investor relations website, SEC filings, press releases, public conference calls and webcasts. The company also uses the 3M News Center and social media to communicate with our customers and the public about the company, products and services and other matters. It is possible that the information 3M posts on the News Center and social media could be deemed to be material information. Therefore, the company encourages investors, the media and others interested in 3M to review the information posted on 3M's news center and the social media channels such as @3M or @3MNews.

Contacts 3M Investor Contacts: Bruce Jermeland, 651-733-1807 or Diane Farrow, 612-202-2449 or Eric Herron, 651-233-0043 Media Contact: Sean Lynch, [email protected]

SOURCE 3M Company

Released October 24, 2023

• Email Alerts
• RSS News Feed

• Get 7 Days Free

Solventum Hosts Inaugural Investor Day Ahead of Its Planned Spinoff from 3M

PR Newswire

ST. PAUL, Minn., March 19, 2024

- Leadership to highlight opportunity to unlock significant value creation over time -

- Solventum to introduce full-year 2024 guidance -

ST. PAUL, Minn., March 19, 2024 /PRNewswire/ -- Solventum will host its inaugural Investor Day today in New York City ahead of its planned spinoff from 3M (NYSE: MMM). The Company is anticipated to spin off from 3M on April 1, 2024, and has been approved for listing on the New York Stock Exchange as "SOLV."

During today's event, Solventum chief executive officer Bryan Hanson and chief financial officer Wayde McMillan will share how the Company plans to create significant value for shareholders over time, including: 

• Building on a solid foundation of durable and diversified businesses and capitalizing on strong market positions in its large and growing markets.
• Enhanced focus and agility as a stand-alone company to pursue tailored capital allocation strategies aligned with industry- and market-specific dynamics. 
• Accelerating revenue growth, driving margin expansion and improving cash flow to reinvest in high-return value-creation opportunities. 

"We look forward to introducing you to the future of Solventum during our inaugural Investor Day event," said Hanson. "We have a solid foundation of globally recognized brands in attractive markets and deep innovation capabilities. The spin will unlock our agility, enhanced focus and targeted capital allocation, which better positions us to drive strong value creation over time while advancing our mission to enable better, smarter, safer healthcare to improve lives." 

Solventum Introduces 2024 Full-Year Guidance Today the Company introduces its 2024 full-year guidance as follows: 

• Organic revenue growth of -2% to 0% 
• Adjusted earnings per share (EPS) of $6.10 to $6.40 
• Free cash flow of $700M to $800M

See the "Non-GAAP Financial Measures in Guidance" section for applicable information.

Solventum historical financials in Form 10 and Q1 2024 are prepared as a carve-out of 3M Company. This basis of presentation is different than what has been reported in 3M's historical consolidated results for 3M's Health Care segment. Solventum's full-year 2024 guidance is based on Q1 2024 as a carve-out plus the remainder of the year as a stand-alone company starting April 1, 2024.

Live Webcast The live webcast will begin at 9:00 a.m. Eastern Daylight Time and is expected to last approximately three hours. The live webcast and a replay of the presentation will be available on 3M's website at https://investors.3m.com/health-care-spin-off-resources . 

Key Information about Solventum As outlined in its Form 10, Solventum will be: 

• Focused on its mission, "Enabling better, smarter, safer healthcare to improve lives," powered by its more than 70 years of innovation creating breakthrough solutions, market-leading positions, trusted, recognized brands, and strong customer relationships with more than 100,000 channel partners and sales in more than 90 countries. 
• A leading global healthcare company innovating at the intersection of health, material, and data science, with $8.2 billion in revenue in 2023. Solventum will serve an approximate $93 billion global addressable market anticipated to grow at 4-6% through 2026. 
• Medical Surgical (MedSurg): A provider of wound care and surgical solutions intended to accelerate healing and prevent complications.
• Dental Solutions: A provider of dental prevention and procedure solutions and orthodontic solutions intended to promote lifelong oral health.
• Health Information Systems: A provider of software solutions powered by clinical intelligence that are intended to create time for clinicians to care for patients and ensure accuracy in health care reimbursement. 
• Purification & Filtration: A provider of filters and membranes intended for life-saving biopharmaceuticals, vaccines, and medical treatments. 

Forward-Looking Statements This communication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this communication are forward-looking statements. In particular, statements regarding the future performance of Solventum, including guidance for 2024, and regarding Solventum's intended operations as a standalone public company are forward-looking statements. These forward-looking statements are sometimes identified from the use of forward-looking words such as "believe," "should," "could," "potential," "continue," "expect," "project," "estimate," "predict," "anticipate," "aim," "intend," "plan," "forecast," "target," "is likely," "will," "can," "may" or "would" or the negative of these terms or similar expressions elsewhere in this communication. All forward-looking statements are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors and risks include, but are not limited to, risks associated with the impact, timing or terms of the proposed spinoff of Solventum; risks associated with the expected benefits and costs of the proposed spinoff, including the risk that the expected benefits of the proposed spinoff will not be realized within the expected time frame, in full or at all, and the risk that conditions to the proposed spinoff will not be satisfied or that the proposed spinoff will not be completed within the expected time frame, on the expected terms or at all; risks associated with financing transactions undertaken in connection with the proposed spinoff and risks associated with indebtedness incurred in connection with the proposed spinoff; the risk of increased costs from lost synergies, costs of restructuring transactions and other costs incurred in connection with the proposed spinoff; the impact of the proposed spinoff on Solventum's business and the risk that the proposed spinoff may be more difficult, time-consuming or costly than expected; diversion of management's attention and the impact on relationships with customers, suppliers, employees and other business counterparties; the risk that Solventum may fail to have the necessary systems and services in place when certain of the spinoff-related agreements with 3M expire, or that replacing those systems and services may be more expensive or less efficient than those that 3M is expected to provide during the transition period to Solventum; the risk that Solventum's accounting and other management systems and resources may not be adequately prepared to meet the requirements to which Solventum will be subject as a standalone public company; the impact of field of use allocations in the spinoff-related agreements on Solventum's ability to exploit certain intellectual property; the effects of, and changes in, worldwide economic, political, regulatory, international trade and geopolitical conditions, natural disasters, war, foreign currency exchange rates and fluctuation, changes in interest rates, and other events beyond Solventum's control; Solventum's ability to access the capital and credit markets on terms that are favorable to Solventum; consolidation and competition in the healthcare industry; the risk of any damage to Solventum's reputation or brands; timing and market acceptance of Solventum's new product and service offerings; Solventum's ability to maintain strong working relationship with healthcare professionals; the impact of changes in reimbursement practices of third-party payers or other cost containment measures, or of current or worsening economic conditions, on demand for Solventum's products and the prices at which they are sold; the costs and availability of purchased components, compounds, raw materials, production capacity, energy, and labor due to shortages, increased demand and wages, logistics, supply chain interruptions, manufacturing site disruptions, regulatory developments, natural disasters and other disruptive factors; risks arising from the fact that 3M is the sole source of supply for certain chemical materials and inputs used in Solventum's products; risks related to international, federal, state, and local treaties, laws, and regulations that are subject to change at any time, as well as compliance risks related to legal or regulatory requirements, contract requirements, policies and practices; potential liabilities related to PFAS and other product liability claims; security and data breaches, cyberattacks, and other cybersecurity incidents involving Solventum's information technology systems and infrastructure; Solventum's ability to obtain, maintain, protect or effectively enforce its intellectual property rights; risks from acquisitions, strategic alliances, divestitures and other strategic events; reliance on customer's research budgets or government funding; and the other financial, operational and legal risks and uncertainties detailed from time to time in 3M's cautionary statements contained in its filings with the SEC in the sections titled "Cautionary Note Concerning Factors That May Affect Future Results" and "Risk Factors" in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Reports) and in Solventum's cautionary statements contained in its Registration Statement on Form 10 filed with the SEC in the sections titled "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors." All forward-looking statements speak only as of the date of this communication. Neither 3M nor Solventum undertakes any obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws. 

Non-GAAP Financial Measures in Guidance Solventum is providing forward-looking guidance using non-GAAP financial measures. These include organic revenue growth, adjusted earnings per share, and free cash flow. Organic revenue growth is defined as total net sales less the impacts of foreign currency and sales from business acquisitions or divestitures within twelve months of the transaction date. Adjusted earnings per share is defined as earnings per share excluding the per share impacts of amortization of acquired intangible assets, restructuring costs, spin-off and separation-related costs and gains or losses on business divestitures.  Free cash flow is defined as net cash provided by operating activities less purchases of property, plant and equipment. Management believes that these non-GAAP financial measures, together with the measures used by management, reflect how we measure our business internally and set operational goals. In particular, we believe that these non-GAAP financial measures are useful in evaluating current performance and focusing management on our underlying operational results.  

Solventum calculates forward-looking non-GAAP financial measures, including organic revenue growth, adjusted earnings per share, and free cash flow based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. Solventum does not provide reconciliations of these forward-looking non-GAAP financial measures to the respective GAAP metrics as it is unable to predict with reasonable certainty and without unreasonable effort certain items such as the impact of changes in currency exchange rates, impacts associated with business acquisitions or dispositions, timing and magnitude of restructuring activities, amongst other items. The timing and amounts of these items are uncertain and could have a material impact on Solventum's results in accordance with GAAP. 

About 3M   3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we're working to improve lives and make what's next at 3M.com/news. 

About Solventum At Solventum, we enable better, smarter, safer healthcare to improve lives. As a new company with a long legacy of creating breakthrough solutions for our customers' toughest challenges, we pioneer game-changing innovations at the intersection of health, material and data science that change patients' lives for the better — while enabling healthcare professionals to perform at their best. See how at Solventum. 

3M Investor Contact:   Bruce Jermeland  (651) 733-1807  or  Diane Farrow  (612) 202-2449  or  Eric Herron  (651) 233-0043 

Solventum Investor Contact:   Kevin Moran  [email protected]

Solventum Media Contact:   Carly Rotman  [email protected]  

SOURCE 3M Company

Market Updates

Never mind market efficiency: are the markets sensible, starbucks stock could use a pick-me-up after big selloff; is it a buy, 5 cheap stocks to buy from an attractive part of the market, markets brief: all eyes on inflation, 5 things we learned from the q1 earnings season, after earnings, is palantir stock a buy, a sell, or fairly valued, what’s happening in the markets this week, can the fed declare victory on inflation, stock picks, after earnings and a 56% rally in 2024, is arm stock a buy, a sell, or fairly valued, how morningstar rates stocks, after earnings, is disney stock a buy, a sell, or fairly valued, home depot earnings: macro factors pinch demand, but long-term outlook intact, tariffs on chinese evs offer us automakers a chance to capture demand, the best reits to buy, 3 hot stocks to buy that still look undervalued, after earnings, is eli lilly stock a buy, a sell, or fairly valued, sponsor center.

• Today's news
• Reviews and deals
• Climate change
• 2024 election
• Fall allergies
• Health news
• Mental health
• Sexual health
• Family health
• So mini ways
• Unapologetically
• Buying guides

Entertainment

• How to Watch
• My Portfolio
• Latest News
• Stock Market
• Premium News
• Biden Economy
• EV Deep Dive
• Stocks: Most Actives
• Stocks: Gainers
• Stocks: Losers
• Trending Tickers
• World Indices
• US Treasury Bonds
• Top Mutual Funds
• Highest Open Interest
• Highest Implied Volatility
• Stock Comparison
• Advanced Charts
• Currency Converter
• Basic Materials
• Communication Services
• Consumer Cyclical
• Consumer Defensive
• Financial Services
• Industrials
• Real Estate
• Mutual Funds
• Credit cards
• Balance Transfer Cards
• Cash-back Cards
• Rewards Cards
• Travel Cards
• Personal Loans
• Student Loans
• Car Insurance
• Morning Brief
• Market Domination
• Market Domination Overtime
• Opening Bid
• Stocks in Translation
• Lead This Way
• Good Buy or Goodbye?
• Fantasy football
• Pro Pick 'Em
• College Pick 'Em
• Fantasy baseball
• Fantasy hockey
• Fantasy basketball
• Download the app
• Daily fantasy
• Scores and schedules
• GameChannel
• World Baseball Classic
• Premier League
• CONCACAF League
• Champions League
• Motorsports
• Horse racing
• Newsletters

New on Yahoo

• Privacy Dashboard

Yahoo Finance

3m board declares quarterly dividend.

ST. PAUL, Minn. , May 14, 2024 /PRNewswire/ -- The 3M Board of Directors (NYSE:MMM) today declared a dividend on the company's common stock of $0.70 per share for the second quarter of 2024. The dividend is payable June 12, 2024, to shareholders of record at the close of business on May 24, 2024.

3M has paid dividends to its shareholders without interruption for more than 100 years.

As of March 31, 2024, 3M had 553,361,257 common shares outstanding and 59,380 shareholders of record.

About 3M

3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we're working to improve lives and make what's next at  3M .com/news .

Investor Contact: Bruce Jermeland 651-733-1807 or Diane Farrow  612-202-2449 or Eric Herron 651-233-0043

Media Contact: Sean Lynch [email protected]

View original content to download multimedia: https://www.prnewswire.com/news-releases/3m-board-declares-quarterly-dividend-302145424.html

SOURCE 3M Company

Recommended Stories

3m shareholders vote down executives' pay packages in annual meeting.

Former top boss at L3 Harris Technologies Bill Brown succeeded Roman as CEO on May 1. Roman transitioned to become 3M's executive chairman on the same day. Brown takes the helm after a period of what has been seen as poor financial performance, which 3M has tried to mitigate by rolling out a major restructuring that includes cutting thousands of jobs and the spinoff of its healthcare business into a listed company.

3M Shareholders Vote Against Executive Pay Proposal

3M shareholders bucked recent history at the company’s annual meeting Tuesday, voting down an executive pay proposal that two proxy advisory firms criticized as excessive. Investors holding 54% of voting shares came out against the proposal, which was an advisory measure. Mike Roman, who moved from the CEO job to executive chairman earlier this month, said after the vote that the company’s directors would be “engaging in further dialogue” with shareholders over the issue.

2 Top Buffett Stocks to Buy and Hold for the Long Haul

Despite recent stock price troubles, these companies have long-term value propositions that investors should consider.

Prediction: These Could Be the Best-Performing Fintech Stocks Through 2030

As the financial technology market matures, certain companies are better positioned than others to capitalize on the opportunity ahead.

3M shareholders vote down executives' pay packages in annual meeting

• Medium Text

• Company 3M Co Follow
• Company L3harris Technologies Inc Follow

Sign up here.

Reporting by Ananta Agarwal and Kannaki Deka in Bengaluru; Editing by Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles. New Tab , opens new tab

Britain's competition regulator referred Japan-based DJ equipment maker AlphaTheta's proposed deal to acquire New Zealand's Serato to a lengthier probe on Wednesday.

Business Chevron

China's Nio launches Onvo brand to challenge Tesla's best-selling model

Chinese electric vehicle maker Nio on Wednesday launched the first vehicle in its new lower-priced brand Onvo which aims to compete with Tesla's Model Y, the world's best-selling EV.