Nio (NIO) unveiled a new electric car as well as other key battery and autonomous driving technologies at its annual event Saturday. Nio stock surged Monday after topping a buy point Friday. But shares closed off highs, then fell late on a convertible debt offering.
XThe Chinese rival to Tesla (TSLA) showed off its first electric sedan — dubbed the ET7 — at its Nio Day, adding to its lineup of three electric utility vehicles, which saw sales more than double last year.
Before government subsidies, the ET7 will carry a starting price of 448,000 yuan, or about $69,000. By comparison, the base version of Tesla's made-in-China Model 3 starts at 265,740 yuan.
The ET7 will have a range for 621 miles on a single charge, using new battery technology. That's farther than expectations for 370-500 miles. Deliveries are due to begin in Q1 2022, though pre-orders began Saturday.
Nio also unveiled new battery-swap stations, where drivers can get new batteries instead of waiting to recharge their cars. The company wants to have 500 swap stations by year's end.
In addition, Nio said the ET7 will feature lidar sensors that enable its autonomous driving system, which will cost 680 yuan a month.
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Nio stock rose 6.4% to 62.70 on Monday, beyond a buy zone, but near session lows after hitting a record 66.99 intraday. Nio stock fell 5% in late trading after announcing a $1.3 convertible debt offering. A Citigroup downgrade to neutral after the close didn't help. Several analysts raised Nio stock price targets early Monday.
On Friday, shares jumped 8.6% to 58.92 in stock market trading, clearing a 57.30 buy point from a cup base.
Meanwhile, Li Auto closed down 4.4%, Xpeng lost 2.4% and BYD Co. rallied 3%. Tesla stock tumbled 7.8%. On Friday, Li Auto (LI) lost 2.3%, Warren Buffett-backed BYD rose 1.2%, and Xpeng gained 1%. Meanwhile, Tesla rose nearly 8% and is far extended from a 466 buy point.
Nio's backing of lidar-based autonomous technology follows other recent moves in the space. Xpeng recently announced a partnership with lidar company Livox to use the technology in "a new 2021 production model." The new IPO also has teased a new electric sedan.
Plus, lidar stocks like Velodyne (VLDR) and Luminar Technologies (LAZR) rallied last month on a report that Apple (AAPL) could make a self-driving car by 2024 using the technology.
Meanwhile, lidar maker Ouster also said last month it will go public via a merger with blank check company Colonnade Acquisition (CLA).
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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