Shares of China-based electric vehicle (EV) giant Nio (NYSE:NIO) are blasting off to start Monday.
The surge comes after the company announced its new luxury sedan — the ET7 — at its Nio Day event over the weekend. This model has been in the works for some time, and the exterior is specifically designed for autonomous driving.
What else should investors know about the new car? Here are six things to keep in mind:
- The autonomous driving specifications of the car include Nio’s Aquilla Super Sensing technology.
- This features “33 high-performance sensing units including an ultralong-range high-resolution LiDAR, 11 8MP high-resolution cameras, enhanced driver monitoring system, 5 millimeter wave radars, 12 ultrasonic sensors, redundant high-precision localization units and V2X.”
- Before subsidies, the ET7 with a smaller, 70 kilowatt hour battery will start at 448,000 RMB ($69,107).
- That number increases to 506,000 RMB ($78,076) for a 100 kWh battery.
- The vehicle also boasts a long-range, 150 kWh battery, which reaches a New European Driving Cycle (NEDC) range of more than 1,000 kilometers (about 621 miles).
- Nio said it will begin deliveries of the ET7 beginning in the first quarter of 2022.
The Bottom Line on NIO Stock and the ET7 Sedan
In light of this news, NIO stock is building on massive gains from the first week of the new year. Wall Street is certainly taking notice. In fact, Wedbush analyst Dan Ives said in a note to investors on Sunday that he is very bullish on the entire EV market in China:
“China remains a greenfield EV market opportunity as we believe overall EV sales can potentially double in the region over the next few years given the pent-up demand for EV vehicles across all price points. …We believe China (coming off what looks like a robust November/December) could see eye popping demand into 2021 and 2022 across the board with Tesla’s flagship Giga 3 footprint a major competitive advantage….”
If that is not enough for you, InvestorPlace readers chose Nio as their top stock for 2021. And with a 30% gain year-to-date already, I’d say it is off to a strong start.
NIO stock was up 8.4% as of this writing.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.