NIO Shares React After ES9 Launch, China EV Sector Still in Play
NIO Inc’s ADRs gained 1.6% to $5.64 Friday afternoon. The Chinese EV maker launched its ES9 flagship SUV but the outlook for China’s auto market remains tough. NIO’s U.S.-listed shares moved between $5.375 and $5.655. Volume was above 30.5 million shares. NIO’s ES9 gain is key, since it’s the automaker’s closest shot to see if a high-end EV SUV can push both volume and margins up. NIO launched the six-seater on May 27 and said China deliveries start May 28. The Executive Premium Edition starts at 498,000 yuan, or 390,000 yuan if buyers go with Battery-as-a-Service, which splits out the battery for a subscription.