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Nio trades down following 2022 investor event

Published 27/12/2022, 15:24
Updated 27/12/2022, 15:24
© Reuters

© Reuters

By Michael Elkins

Bank of America Global Research maintained a Buy rating and $15 price target on Nio Inc. (NYSE:NIO). The Chinese electric vehicle maker is down 6.30% in early trading on Tuesday after hosting the company’s 2022 NIO Day on December 24th. During the event, NIO unveiled its new coupe SUV model EC7, set to be delivered in May 2023. The MSRP of with-battery options will start from RMB 488k/546k for 75kWh/100kWh battery pack, while MSRP of BaaS (Battery-as-aservice) plans will be RMB 418k for both versions, with monthly battery fee of RMB 980/1,680 for 75kWh/100kWh battery pack.

NIO also introduced the new ES8, a 6-seater SUV based on NT2.0 platform, scheduled to be delivered in June 2023. The MSRP of with-battery options will start from RMB 528k/586k for 75kWh/100kWh battery pack, while MSRP of BaaS plans will be RMB 458k for both versions, with monthly battery fee of RMB 980/1,680 for 75kWh/100kWh battery pack.

As far as charging systems, NIO introduced its fast-charging power chargers and unveiled its third-generation power swap station. The company’s new fast charging equipment comes with 500kw max power, 660A max current, and in-house developed liquid cooled cable. The new power swap station, which will be available from March 2023, will house 21 batteries and can handle 408 services per day, 30% higher than current second-generation battery swap station. Also, the new power station adopts the world's first bidirectional liquid-cooled high-power charging module developed by NIO, with 98% maximum efficiency and 62.5kW charging and discharging power.

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