What happened
Shares of Chinese electric-vehicle maker NIO (NIO +5.50%) were moving higher on Friday, a day ahead of a new-model reveal at the company's annual event for owners and fans. As of 12:15 p.m. EST, NIO's American depositary shares were up about 8.1% from Thursday's closing price.
So what
NIO's annual "NIO Day" event is a party for owners and fans at which the company typically shows off new products and upcoming new technologies. NIO has told us (some of) what to expect at tomorrow's edition, to be held in Chengdu:
- A new sedan. The new model is expected to look a lot like the ET Preview concept vehicle that NIO presented in 2019. That car was a sleek, stylish four-door sedan with dual motors and a slew of advanced driver-assist features; it's a good bet that the production version will include more advanced technology while preserving the concept's looks.
- A bigger battery. NIO will unveil a new 150 kilowatt-hour (kWh) battery pack tomorrow. That's a bigger deal than you might think. All of NIO's production vehicles to date have modular battery packs. The packs can be swapped in and out at automated stations, and owners can upgrade to larger batteries (giving more range) after purchase or as part of a subscription to the battery-swap service. As of today, the largest NIO battery pack is rated at 100 kWh, good for a rated 615 kilometers (about 380 miles) of range in the brand's best-selling EC6; the new pack will represent a nice upgrade.
- New driving technology. NIO will also show off a new version of its advanced driver-assist system, which I expect to be standard on the new sedan.
NIO is expected to reveal a new electric sedan at tomorrow's event. Image source: NIO.
Now what
Auto investors who want to follow NIO Day should check out the company's website for details. But note that you'll have to get up early if you're in the United States, as the event is scheduled to start at 5:30 a.m. EST.
