- NYSE:NIO gained 9.24% during Friday’s trading session.
- Nio is raising the price of its ET7 sedan model as of May 23rd.
- Nio officially unveils its ES7 SUV design as well.
NYSE:NIO jumped higher to close the week as the broader markets saw a relief rally following another week of losses. On Friday, shares of Nio soared by 9.24% and closed the trading week at $14.31. The gain was enough to bring Nio back to even for the trailing five-day period, although shares of the Chinese EV maker are still down by 27% over the past month of trading. US market investors finally saw some green on the charts as all three major indices snapped out of their recent downtrend. The Dow Jones ended its six-day slide by adding 466 basis points, while the S&P 500 and NASDAQ both jumped by 2.39% and 3.82% respectively during the session.
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Nio has finally succumbed to rising costs of prices due to the ongoing global supply chain issues. The company is one of the last to raise its vehicle prices, as Nio announced it will be upping the price of its ET7 sedan as of May 23rd. Tesla (NASDAQ:TSLA) and other EV makers have been forced to raise the prices of their cars, particularly in the Chinese market. While Nio originally denied that it would need to raise its vehicle prices, it seems that the rising cost of materials was too detrimental to its profit margins.
NIO stock price
Nio also unveiled its long-awaited ES7 SUV model earlier this week. The vehicle came with some new technology, including Nio’s NT2.0 technology platform and new LiDar sensors in the front of the car. Nio has stated that the ES7 is going to be pivotal for its expansion into Europe, and that the model will begin selling in China as of this September.
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