What happened
Shares of China-based EV maker Nio (NIO +0.56%) have had a good week and an even better month. Nio American depositary shares (ADSs) are up more than 38% over the past month. That includes another big day today, with shares 5% higher as of 12:19 p.m. ET.
NYSE: NIO
Key Data Points
So what
Today's jump represents continued bullish sentiment after the company announced the launch of its ES7 SUV this week. Nio has had a string of progress on new vehicles recently. It began deliveries of its flagship smart luxury sedan just over a month ago. The company delivered more than 1,700 ET7s in May, out of the 7,024 total vehicle shipments. The midsize ET5 sedan is scheduled to begin shipments later this year, and the company announced a new SUV this week as well.
Now what
The product launch for Nio's new ES7 SUV was held Wednesday, marking its fourth utility vehicle and one it puts in the "mid-large" range. The company is touting it as a more technologically advanced offering than its ES6 and ES8 SUVs, using the new NT2 platform.
It includes the latest Nio autonomous driving technology that goes beyond highway to urban areas and parking, and its battery swapping service. It's also its fastest SUV to date, accelerating from zero to 60 m.p.h. in approximately 3.9 seconds.
Nio has been affected by COVID-related supply chain disruptions and lockdowns that have impacted consumer buying. But it started to recover in May with a sharp increase in deliveries compared to April. The company said it continues to expect "to further ramp up the production capacity to a higher level," and investors are seemingly trying to get into the stock ahead of those results.
