Nio Stock Is Trading Higher Tuesday: What's Going On?

NIO Inc NIO shares are trading higher Tuesday after the company unveiled a new smart EV model over the weekend. 

What Happened: Nio launched its new ET9 sedan at its 2023 Nio Day on Saturday. The new vehicle is Nio's most expensive offering and marks the company's entry into the luxury EV segment. 

The ET9 was built using a Landjet design that offers exclusive first-class comfort and was tailored for a new generation of high-end business users. The vehicle offers ultra-fast charging and premium battery swapping capabilities. 

"The ET9, our smart electric executive flagship, comprehensively showcases NIO’s research and development capabilities and achievements. The ET9 brings the executive sedan into the era of smart EVs, representing NIO’s determination, confidence, and commitment in leading the premium smart EV market," said William Li, founder, chairman and CEO of Nio.

The ET9 is already available for pre-order in China. Deliveries are expected to start in the first quarter of 2025.

Nio also launched its fourth-generation power swap stations and unveiled a new liquid-cooled charger at this year's Nio day. The new power swap stations are expected to reduce battery swap time by 22%. 

The company also announced last week that it installed its 1,000th power swap station for 2023, reaching its internal goal. Nio also said it's targeting adding another 1,000 stations and 20,000 chargers in 2024 to further improve the user experience.

See Also: Tencent Stock Takes $54B Hit As China Introduces New Online Gaming Regulations

NIO Price Action: Nio shares were up 7.36% at $9.04 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.