- NYSE:NIO surges by 6.42% to start the second trading week of 2021 on fire.
- The annual NIO Day event saw the company unveil its new ET7 luxury sedan model.
- NIO also dropped an announcement of a new partnership with a microchip behemoth.
NYSE:NIO has started off the new year with the same momentum investors saw throughout 2020 as the stock has now gained 17% through the first week of 2021. On Monday, shares of the China-based electric vehicle company spiked to a new all-time high of $66.99 before settling back down to close at $62.70 by the closing bell. The reason for NIO’s late-day nosedive was due to the fact that the firm announced $1.3 billion of convertible senior notes would be offered to investors as NIO takes advantage of its soaring stock price to raise some future capital.
The big news in the electric vehicle space was the annual NIO Day event that took place in China over the weekend. NIO unveiled its first ever luxury sedan model, called the ET7, which is meant to rival such current offerings as the Tesla S Class and BMW 7-Series. The company also announced new battery technology that will be released in the ET7 which has several different options including a whopping 150kWh battery option that is estimated to have a 1000 km range. The ET7 is also going to introduce autonomous driving via LiDar sensors to NIO’s vehicle fleet. Whether related or not, Tesla (NASDAQ:TSLA) saw its stock plummet by 8% on Monday.
NIO stock news
NIO also announced that it would be partnering with microchip giant NVIDIA (NASDAQ:NVDA) to accommodate its advanced automated driving mode. With autonomous driving at the forefront of the next generation of electric vehicles, NIO has firmly established itself as an industry leader, especially in the largest automobile market in the world as its home clientele.