China EV maker Nio unveiled a new super-premium ET9 sedan, an in-house autonomous driving chip and more at the Tesla rival's Nio Day 2023 on Saturday.
The Nio ET9 pre-sale price is RMB 800,000 ($112,780), boasting fast-charging and advanced driver-assist systems with Lidar. The Nio ET9 will use in-house-developed large cylindrical 46105 batteries.
But deliveries of Nio's new flagship sedan won't start until Q1 2025. A number of high-end EV sedans will be released next year in China, where's today's cutting-edge models quickly grow stale.
Also at Nio Day 2023, which took place in the northwest city of Xi'an, the EV maker unveiled the Shengi 9031, an in-house autonomous driving chip.
Nio also said it will start rolling out fourth-generation battery swap stations in April. It'll also start deploying a new 640kW supercharger in April.
Last week, Nio CEO and founder William Li went on a livestream drive of more than 1,000 kilometers on a single charge employing a semi-solid-state battery. Also, Abu Dhabi's state-owned CYVN agreed to buy $2.2 billion worth of Nio shares, bringing its stake to just 20%.
Nio Stock
Nio stock popped 5.5% to 8.42 last week, continuing to rebound from the Nov. 30 low of 7.01, just above a three-low low.
Still, Nio stock is down 13.6% for the year and far below the 52-week high of 16.18 set on Aug. 4.
Meanwhile, XPeng stock fell 4.6% last week, off 16.9% so far in December. Li Auto slid 6% to 33.20 for the week and 10.15% so far this month. Both XPEV stock and LI fell below their 50-day lines to start December and closed below their 200-day lines on Friday.
China EV and battery giant BYD edged up 0.8% to 26.46, but after hitting a nine-month low during the week. Shares have fallen 1.7% in December, but have sold off hard since hitting a 52-week high in July.
A China EV price war is taking its toll on the industry, with automakers resorting to significant discounts. While BYD and Li Auto are profitable, Nio and XPeng are still losing money.
Nio Deliveries
On Jan. 1, Nio will report deliveries for December, the fourth quarter and full year. So will XPeng and Li Auto.
BYD, which just announced plans to build a passenger EV plant in Hungary, will likely release sales on Jan. 1 or 2. Tesla will release its global deliveries in early January. BYD is expected to pass Tesla in sales of fully electric vehicles, or BEVs for the fourth quarter.
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