Why Tesla Rival Nio Is Up Over 1% Premarket Today

Chinese EV startup Nio Inc.’s ADR shares NIO surged in premarket trading on Monday, mirroring the positive trend in U.S. index futures. 

The rise coincides with the company’s announcement that it will unveil the 2024 ET5 sedan and ES7 SUV at the upcoming Beijing International Automotive Exhibition (April 25-May 4).

Nio’s theme for the event is “Lead the Change,” highlighting the ET5’s AI-powered handling as a testament to China’s advanced manufacturing capabilities. 

Additionally, Nio plans to showcase its full-stack technologies, including Smart Power, Manufacturing, and Chip development, alongside its NIO Power Swap Station and a 640 kW ultra-fast charger. The Nio House, its customer experience showroom concept, will also be on display.

Nio, a premium EV maker in China, recently entered the low-end market with a separate sub-brand. They are a key competitor for Tesla in China, the biggest EV market in the world.

In premarket trading, Nio shares rose 1.46% to $4.17, according to data from Benzinga Pro.

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Photo courtesy: Nio