U.S.-listed Chinese electric vehicle maker Nio Inc (NYSE:NIO) on Tuesday teased a new model expected to be unveiled later this week.
What Happened: Nio revealed a teaser image on social media for the upcoming launch and said the unveiling will take place on Dec. 18 during Nio Day, the company’s fifth annual day.
We will unveil a new model on December 18 at #NIODay 2021. #HelloWorld pic.twitter.com/Usl3lbi8tL
— NIO (@NIOGlobal) December 14, 2021
The Shanghai, China-headquartered Nio did not give further details related to the model.
Why It Matters: Nio is rumored to launch a more affordable, mass-market sedan, the ET5, on Nio Day, alongside another unknown model, as per media reports. The sedan is expected to compete with Tesla Inc’s (NASDAQ:TSLA) Model 3 sedan and Xpeng Inc’s (NYSE:XPEV) P5.
The more-affordable sedan could help the automaker churn higher volumes. Nio currently has three models on sale and plans to launch three new electric vehicles next year, including the already announced premium sedan ET7.
Price Action: Nio shares closed 1.75% lower at $33.66 a share on Monday. The stock is down 37% so far this year.
Photo: Courtesy of Nio
