Nio’s stock jumped into record territory after the unveiling of the ET7 luxury sedan


NIO Inc. shares of NIO,
+ 8.55%
On Monday, prepaid trading rose 6.4% toward a record, as investors appreciated the China-based electric vehicle manufacturer’s NIO Day over the weekend. Nio’s rally sold shares of other EV manufacturers and the broader stock market. Nio unveiled its ET7 luxury sedan, which has an exterior designed for autonomous driving, with a new European Driving Cycle (NEDC) range of over 1,000 kilometers (over 621 miles). Delivery is expected to begin in the first quarter of 2022, with the pre-subsidized price RMB448,000 ($ 69,141), or RMB378,000 as a service with the battery. The ET7 appears to be competing with Tesla Inc.’s TSLA,
+ 7.84%
The Model Y crossover, which is set to hit the road in China in the coming weeks, said Wesbush analyst Dan Ives. Tesla shares fell 2.5% ahead of Monday’s open, which puts them on track to record an 11-day win streak. Among other China-based EV manufacturers, shares of Expeng Inc. XPEV,
+ 1.02%
1.3% Shed & Lee Auto Ink Light,
-2.25%
2.9% lost. Meanwhile, futures ES00,
-0.86%
For the S&P 500 SPX,
+ 0.55%
Fell 0.6%.

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