NIO (NIO) opened at a record high this morning after big reveals during the electric vehicle maker’s investor day over the weekend. The company’s American depository shares were trading up more than 10% in the first minutes of the trading session.
On Saturday NIO unveiled its first ever luxury sedan called ET7 which industry experts see as a competitor to Tesla’s (TSLA) model S.
The vehicle price will start at 448,000 yuan ($69,193) which includes the battery pack but does not take into account government subsidies. The starting price without the battery pack (which can be leased from the company) is 78,000 yuan ($58,378.) Deliveries will begin next year.
The ET7 will include Lidar sensors - a technology often used in autonomous cars which helps the vehicle perceive its surroundings.
NIO also unveiled a partnership with chipmaker Nvidia (NVDA). The sedan will include Nvidia’s Orin system-on-a-chip (SoC) technology, which will offer advanced automated driving capabilities.
Another notable highlight during investor day was the introduction of a bigger volume battery pack which improves driving range.
Wedbush Securities analyst Dan Ives dubbed the company’s battery technology the “star of the show.”
“Nio introduced a more powerful 150 kilowatt-hour battery pack — an improvement on the 100 kWh battery pack the company launched in November — which will give Nio’s vehicles a claimed range of 625 miles,” wrote Ives in a note to investor.
On Sunday NIO’s CEO William Li indicated to reporters the company may manufacture mass EV products, but under a different name.
“As EV technologies advance and battery cost lowers, it is possible that we may enter the massive market, but definitely not with Nio brand,” said Li.
Last year NIO shares soared more than 1000%. The stock recently rallied after record deliveries in the 4th quarter of 2020.
In August the company launched a battery subscription program. Analysts have also made note of indications that NIO is looking to expand globally starting with Europe.
Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre