NIO Stock Forecast: Nio Inc blasts higher as new model details are leaked

NYSE:NIO gained 7.32% during Monday’s trading session.
A Chinese news publication leaks details about Nio’s upcoming ET7 vehicle.
Tesla CEO Elon Musk drops hints of Model S Plaid debut in China.

Stocks Reporter FXStreet

NYSE:NIO managed to shrug off last week’s decline on Monday as a key piece of news was leaked by a Chinese publication. Shares of Nio flew higher following the news leak, as the stock gained 7.32% during Monday’s trading session, closing the day at $41.49. It was welcome news for Nio investors as the climb came on a day where many growth stocks were pummeled as the ten-year treasury bond yield spiked. The news that Federal Reserve Chairman Jerome Powell receiving another term from President Biden also caused growth sectors to stumble. The Federal Reserve will be implementing its stimulus tapering policies later this year, and many are expecting to see a bearish pull back in the broader markets.

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The CnEVPost revealed on Monday that Nio’s luxury ET7 sedan will be available to consumers as of 2022. According to the new energy vehicle site based out of China, the new ET7 will also implement new solid state battery technology, and would also introduce the ability for customers to buy the new vehicles without batteries included. These vehicles would then just survive simply off of the battery swap subscriptions and head to one of the many battery swap stations around the country when the charge was low.

NIO stock price

In other news, Tesla (NASDAQ:TSLA) CEO Elon Musk tweeted that the new premium Model S Plaid vehicle would be available to Chinese consumers as early as March. The vehicle boasts over 1,000 horsepower and a 400-mile battery range, and will eventually utilize Tesla’s FSD technology. Shares of Tesla soared during the day and closed the day 1.74% higher from the news.

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