Yahoo Finance NIO Stock Gains On Expectations It's Set to Unveil New Models
By Sam Boughedda
Investing.com — The stock price of Chinese electric vehicle company NIO Inc (NYSE:NIO) rose 5.2% on Monday after a report from StreetInsider said it is expected to launch new models at its NIO Day event.
"The company is expected to unveil models including one called ET5, another unknown model, and its new brand for the mass market," read the StreetInsider article.
The company will be holding the annual NIO Day event at the Olympic Sports Center in Suzhou on December 18.
At the last event, NIO launched its ET7 Sedan model.
Following its second-quarter results, NIO said it will be entering the mass market via a new brand with preparations accelerated and a core team established. At the time, NIO CEO William Li told investors that "the NIO brand has a similar relationship to this new brand as Lexus has to Toyota, and Audi has to Volkswagen (DE:VOWG_p)."
Last week Mizuho analyst Vijay Rakesh said in a note that he is optimistic on electric vehicle makers Tesla (NASDAQ:TSLA) and NIO due to strong electric vehicle uptake and subsidy tailwinds.
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