Nio Teases New Model Ahead Of Key Annual Event

U.S.-listed Chinese electric vehicle maker $NIO Inc (NIO.US)$ 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.

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 $Tesla (TSLA.US)$ Model 3 sedan and $XPeng (XPEV.US)$ 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.