NIO stock rises after unveiling $112K ET9 EV to rival Porsche Leave a comment

NIO (NIO) launched its new flagship ET9 EV over the weekend, a premium executive car aimed at “the new generation of high-end business users.” The new flagship EV will take on Porsche and Mercedes, with prices starting around 800,000 yuan ($112,000).

NIO Day 2023 brings new EVs and tech

The ET9 made its debut over the weekend during NIO Day 2023. NIO’s new flagship EV features its latest tech to showcase “a perfect package of flagship-style exterior, spacious interior, immersive experience, efficient recharging,” and more.

At 5,325 mm (210 inches) long, 2,016 mm (79 inches) wide, and 1,620 mm (64 inches) tall, the ET9 will rival the Porsche Panamera (205 inches x 78 inches x 56 inches) and other premium vehicles from Mercedes, BMW, and others as NIO looks to expand its market.

The electric car adopts a “Landjet” design with ample cabin space, comfort, safety, and steering.

With a four-seat layout, the “Executive Bridge” interior includes a 360-degree tray table for rear passengers.

NIO filed 24 self-developed patents for the first-class rear seats. They include a backrest that can adjust 45 degrees, a wide (582 mm) seat cushion, and 11 one-push adjustments. You can also switch between seven different electric sunshades for maximum comfort.

NIO unveils flagship ET9 EV for $112,000

The ET9 features China’s first full-domain 900V architecture, with up to 925V, 600 kW peak power, and 765A peak charging current.

With NIO’s battery swap, the ET9 can be recharged in three minutes. Or, fast charging can add 255km (158 mi) in five minutes.

Integrated with over 100 NIO full-stack technologies, the ET9 features its first five-nanometer auto-grade chip (NX9031) and large cylindrical battery cells.

NIO’s new flagship ET9 is available for pre-order in China, but deliveries are not expected until early 2025.

The EV maker also launched its fourth-gen power swap stations and 640 kW liquid-cooled power chargers. NIO says the new swap stations are compatible with several brands and reduce swap time by 22%. NIO plans to build 1,000 power swap stations and 20,000 chargers to expand its network. The company recently partnered with Volvo and Polestar owner Geely to grow battery swap tech.

NIO stock is up nearly 9% on Tuesday following the release of its new flagship ET9 EV and technology. Shares are still down 43% from their 52-week high of $16.18 per share.

Electrek’s Take

NIO needed a jumpstart, and its new ET9 could be it. Although expensive at $112,000 (800,000 yuan), the ET9 could help NIO establish itself among the premium automakers. However, that won’t be until 2025.

The EV maker is still losing money. NIO posted a net loss of $624 million (RMB 4.6 billion) in Q3. Last month, NIO announced it was trimming around 10% of its staff last month amid the intensifying competition in its home market.

NIO received a $2.2 billion investment from Abu-Dhabi’s CYVN Holdings two weeks ago. With the new funds, CYVN will become a major shareholder. The company said it will look for strategic partners to expand its tech.

“With the enhanced balance sheet, NIO is well prepared to sharpen brand positioning, bolster sales and service capabilities,” NIO’s CEO William Li explained.

With a new flagship model and exciting tech on the way, NIO aims to continue expanding the brand. The EV maker expects to deliver between 47,000 and 49,000 EVs in Q4, up 17% to 22% from last year. Revenue is expected between $2.2 billion and $2.3 billion.