Tesla Rival Nio Touts Big Ambitions

$NIO Inc (NIO.US)$ NIO held its annual Nio Day on Saturday. The Chinese EV startup unveiled the ET5, starting at $51,450. It will have a base range of 341 miles, rising to as much as 620 miles, albeit on a very loose standard. The mid-size EV sedan is a potential competitor to the Tesla Model 3, the Xpeng P7 and P5 and the BYD Han. ET5 deliveries will begin in September 2022. Nio claimed record preorders, but gave no specifics.

Nio says it'll be in 25 countries by 2025. Along with $XPeng (XPEV.US)$ and $BYD Company Limited (002594.SZ)$ , Nio has recently started selling some EVs in Norway, a launching pad throughout Europe.

Nio stock could use a lift, hitting a 13-month low intraday before closing higher. Xpeng stock and China EV and battery giant BYD is testing recent lows. But Nio and Xpeng fell modestly before the open.
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