Nio to record high after unveiling new sedan and battery

0
15


Chinese electric car maker Nio Inc. vastly outperformed its peers on Monday after the company unveiled a new luxury sedan and larger battery over the weekend.
Nio’s U.S. certificates of deposit jumped 14% to $ 66.99 in the U.S., while most other EV stocks fell, including market leader Tesla Inc. and auto makers General Motors Co. and Ford Motor Co.

The new sedan, called ET7, was launched on Saturday at the company’s annual “Nio Day” event in Chengdu, China. Pricing will start at 448,000 yuan (US $ 69,193), excluding government subsidies, and deliveries will begin from the first quarter of 2022. It is the company’s very first sedan, and also seen as a potentially direct rival to the Tesla Model 3.

While the sedan’s unveiling was expected, Wedbush analyst Daniel Ives said the “star of the show” was battery technology. In addition to the larger volume battery which can improve range, Nio also introduced an improved autopilot system and the second iteration of its battery swap station which allows people to change their vehicle’s battery instead. than to recharge it.

“Nio introduced a more powerful 150 kilowatt-hour battery – an improvement over the 100 kWh battery launched by the company in November – that will give Nio vehicles a range of 625 miles,” Ives wrote in a note. Tesla’s base Model 3 can travel 263 miles on a single charge.



LEAVE A REPLY

Please enter your comment!
Please enter your name here