(Bloomberg) Shares of Nio Inc. rose more than 5% on Wednesday after unveiling a five-seater SUV, with a driving range of 485 kilometers or 300 miles.
The new car, ES7, will start at a price of RMB468,000 or $69,700 and will feature the latest autonomous driving technologies. The car also features high-performance sensing units and four Nvidia Orin chips.
The new model will have an optional electric tow bar and will become one of the first certified passenger vehicles in China that can tow a caravan or a trailer.
Nio says deliveries for the new car will start in August. CEO William Li said that the car might be the company’s fastest delivery from unveiling.
Nio is banking that the new model will take-on rivals XPeng and Li Auto and boost sales, which missed estimates in the second quarter.
NIO: NYSE is up +5.36%.
