Shares of Chinese electric carmaker NIO (NIO) - Get Report rose on Monday after the company unveiled its first battery powered sedan, putting it in nose-to-nose competition with current EV market leader Tesla (TSLA) - Get Report.
NIO shares gained nearly 9% in New York trading after the company unveiled its new all-electric sedan, the ET7.
The ET7 offers two battery options, 70 kWh and 100 kWh that provide a range of 311 miles and 435 miles, respectively. By late 2022, there also will be a 150 kWh battery version that will go 620 miles on a single charge, according to the company.
The ET7 starts at 448,000 yuan ($69,193) before government subsidies. Deliveries will start from the first quarter of 2022.
NIO’s electric sedan puts it nose-to-nose with Tesla, which last year sold more than 120,000 of its best-selling Model 3 vehicles in China. The Palo Alto, Calif.-based company also started selling its roomier China-made Model Y SUV on Jan. 1, which starts from 339,900 yuan.
At the same time, Wedbush Securities analyst Daniel Ives expects that strong demand for EVs in China reinforced by strong sales numbers from Tesla, Xpeng (XPEV) - Get Report, Li Auto (LI) - Get Report, Baidu (BIDU) - Get Report and NIO will leave room for all electric carmakers.
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