Nio at Record High After Unveiling New Sedan, Battery Pack
- EV maker’s ADRs jumped as much as 14% to all-time high
- Nio’s new battery was the ‘star of the show’, analyst says
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Chinese electric-car maker Nio Inc. significantly outperformed peers on Monday after the company unveiled a new luxury sedan and a bigger volume battery pack over the weekend.
Nio’s American Depositary Receipts jumped as much as 14% to $66.99 in the U.S., while most other EV stocks declined, including market leader Tesla Inc. The Shanghai company’s market capitalization now stands at $104 billion, bigger than the combined value of traditional automakers General Motors Co. and Ford Motor Co.