$NIO Inc(NIO.US)$ is trading higher Monday morning following a media report suggesting the company will begin taking orders for its electric ET7 sedan in January.
According to a cnEVport report, formal reservations for the ET7 are expected to begin in mid-January, and deliveries are expected by the end of the first quarter.
The stock is trading 10% higher on Monday.
The ET7 will initially be delivered at a rate of a few hundred units per month, with capacity ramping up over a two to three-month period. The ET7 will be the fourth Nio vehicle to be offered for sale.
Nio operates in China's premium electric vehicle market. The company designs and jointly manufactures and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving, and artificial intelligence.
NIO Price Action: Nio has traded as high as $66.99 and as low as $30.71 over a 52-week period.