U.S.-listed shares of Shanghai-based electric vehicle maker Nio surged more than 10% to $5.00 in early trading on Tuesday, marking their highest level since March and extending the stock’s one-month rally to over 41%.
The gains lifted Nio’s market capitalization above $11 billion and brought year-to-date performance into positive territory, with the stock now up about 13% since January.
The Hong Kong-listed shares closed Tuesday up 4.45%, bringing their one-month gain to 35.01%.
The rally comes as the company prepares for several key product launches. Nio plans to officially launch the L90, the second vehicle under its mass-market sub-brand Onvo, on July 31.
A five-seat version of the SUV, expected to be named L80, is slated for release in the fourth quarter.
The flagship ES8 SUV will also be refreshed with a launch scheduled for late September.
Meanwhile, Nio’s budget brand Firefly is preparing to ramp up output after completing production line adjustments.
“Starting this week, we’ll go full throttle,” the brand’s head of marketing Pu Yang said on Tuesday in a message shared in a company WeChat group. “Let’s strive to reach a new high next month!” he added.
Firefly delivered 231 units in April, 3,680 in May and 3,932 in June.
In the week ending July 20, combined domestic insurance registrations for Nio, Onvo and Firefly rose 19.5% from the previous week to 4,900 units, according to data shared on Chinese social media.
Registrations for the Nio brand alone rose 3.7% to 2,500 units in the third week of July.
As exclusively reported by EV, Nio has introduced aggressive price cuts on unsold inventory of its ET7 sedan and EC7 coupe SUV, offering discounts of up to 190,000 yuan ($26,480).
The entry price of the ET7 has dropped to 230,000 yuan and the EC7 to 260,000 yuan, according to a person familiar with the matter.
Unlike other models in the lineup, the ET7 and EC7 have not received mid-cycle updates this year.
In the Middle East, Nio said on Tuesday that it delivered a first batch of EC6 vehicles to UAE-based Safe Line Group, which is converting its fleet from internal combustion engines to EVs.
Nio launched operations in the region in late 2024 through a joint venture with Abu Dhabi sovereign wealth fund CYVN Holdings, its largest investor.
