Shares of Nio Inc. NIO, +8.55% shot up 6.4% toward a record in premarket trading Monday, as investors cheered the China-based electric vehicle maker’s NIO Day over the weekend. Nio’s rally bucked the selloff in shares of other EV makers and the broader stock market. Nio unveiled its ET7 luxury sedan, with an exterior designed for autonomous driving, boasting a New European Driving Cycle (NEDC) range of over 1,000 kilometers (over 621 miles).
Deliveries are expected to start in the first quarter of 2022, with pre-subsidy price starting at RMB448,000 ($69,141), or RMB378,000 with Battery as a Service. The ET7 looks to compete with Tesla Inc.’s TSLA, +7.84% Model Y crossover, which is set to hit the road in China in the coming weeks, said Wedbush analyst Dan Ives. Shares of Tesla fell 2.5% ahead of Monday’s open, which puts them on track to snap a record 11-day win streak. Among other China-based EV makers, shares of Xpeng Inc. XPEV, +1.02% shed 1.3% and Li Auto Inc. LI, -2.25% lost 2.9%. Meanwhile, futures ES00, -0.56% for the S&P 500 SPX, +0.55% fell 0.6%.