Key Points
Nio announced and opened preorders for its latest SUVs today.
The company’s new ES8 SUVs will be hitting the market in September,
The new ES8s are launching at price points that could help drive delivery growth for Nio.
10 stocks we like better than Nio ›
Nio (NYSE: NIO) stock is soaring Thursday following new vehicle announcements. The Chinese electric-vehicle (EV) company’s share price was up 9.2% as of 3 p.m. ET. The gains came despite declines of 0.5% for the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) at the same point in the day’s trading.
Nio debuted a new line of SUV models today, and investors are responding by bidding up its stock. As of this writing, the company’s share price is now up roughly 40% over the last three months. The EV player’s market cap now stands at approximately $12.4 billion.
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Nio stock surges on new SUV model
Today, Nio took the wraps off its new ES8 vehicle line — a new class of three-row SUVs that will be hitting the market in September. The company has opened preorders for the SUVs, which will become the largest battery-based electric SUV available in the Chinese market upon its release. The new ES8s will launch with six-seat and seven-seat models and are slated to be significantly cheaper than previous releases in the line while also offering some significant performance and quality-of-life improvements.
What’s next for Nio?
Nio stock has been on a hot streak lately, thanks to the company’s moves to improve its positioning in the SUV market and accelerate adoption for its vehicles. After posting year-over-year sales growth of 21.5% in this year’s first quarter, the introduction of new SUVs could help the company maintain sales momentum. Nio is scheduled to publish unaudited second-quarter results before the market opens on Sept. 2 and could see more big valuation moves in conjunction with the earnings release.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
