Nio (NIO 2.49%) 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 (^GSPC 0.24%) and the Nasdaq Composite (^IXIC 0.26%) 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.
NYSE: NIO
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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.
