Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) opened sharply higher on Monday. The company unveiled a new electric luxury sedan, a longer-range battery, and other promising technologies at its annual “NIO Day” event on Saturday.
As of 9:45 a.m. EST, NIO’s American depositary shares were up about 7.5% from Friday’s closing price.
NIO showed off the production version of its new ET7 electric luxury sedan on Saturday. The ET7, a sleek sedan with a claimed range of over 1,000 kilometers (620 miles) in top trim, is expected to go on sale in about a year at a starting price of 448,000 Chinese yuan (about $69,100). Like other NIOs, the ET7 will be available at a lower price (378,000 yuan, or about $58,300) if the buyer opts for the company’s battery-subscription program.