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Nio Stock Surges on New EV SUV Launch Amid Broader Market Decline
Nio Stock Surges on New EV SUV Launch Amid Broader Market Decline
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BTCCSquare news:
Nio's shares jumped 9.4% Thursday as the Chinese EV Maker unveiled its new ES8 SUV line, defying a broader market downturn. The three-row electric SUVs, set for September delivery, mark Nio's push to dominate China's premium battery-SUV segment with competitive pricing and enhanced features.
Preorders are now open for the six- and seven-seat configurations, which undercut prior models' costs while improving performance. The launch extends Nio's 40% three-month rally, fueled by Q1 sales growth of 21.5% year-over-year.
Investors are betting the ES8 series will sustain momentum in China's cutthroat EV market. Nio's $12.4 billion valuation reflects Optimism about its SUV strategy, even as the S&P 500 and Nasdaq dipped during the announcement.
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