Why Nio Is Shooting Higher In Hong Kong Today

Shares of Chinese electric vehicle maker Nio Inc NIOshot up on Thursday in Hong Kong after the company's latest product launch renewed investors' hope.

At press time, Nio's stock was up nearly 7%, outperforming peers Li Auto Inc LI and Xpeng Inc XPEV – which were trading on a muted note in an otherwise subdued broader market.

In a virtual product launch event on Wednesday, Nio unveiled its ES7 SUV, which it says offers a superior driving performance, better visual appeal, and a more luxurious feel.

Features: The car comes with Nio's Digital System, which includes smart hardware and a computing platform. The ES7 will also feature the EV maker's latest autonomous driving package. 

Price: The ES7 starts at 468,000 yuan ($69,700) for a 75-kWh battery capacity. The 100-kWh battery model is priced at 526,000 yuan.

Nio has also unveiled upgraded vehicle models for 2022, featuring a digital cockpit controller, sensor hardware, enhanced computing and sensing capabilities, and greater flexibility for future functions.

Price Action: According to data from Benzinga Pro, Nio's stock in the U.S. closed 7.77% higher at $20.11 on Wednesday.

Photo courtesy: Nio