(Bloomberg) -- Chinese electric-car maker Nio Inc. significantly outperformed peers on Monday after the company unveiled a new luxury sedan and a bigger volume battery pack over the weekend.
Nio's American Depositary Receipts jumped as much as 14% to $66.99 in the U.S., while most other EV stocks declined, including market leader Tesla Inc. The Shanghai company's market capitalization now stands at $104 billion, bigger than the combined value of traditional automakers General Motors Co. and Ford Motor Co.
The new sedan, called ET7, was released at the company's annual “Nio Day” event on Saturday in Chengdu, China. The price will start at 448,000 yuan ($69,193), excluding government subsidies, and deliveries will start from the first quarter of 2022. It is the company's first-ever sedan, and also seen as a potentially direct rival to Tesla's Model 3.
While the unveiling of the sedan was expected, Wedbush analyst Daniel Ives said the “star of the show” was the battery technology. Along with the bigger volume battery pack that can improve driving range, Nio also introduced an upgraded autopilot system and the second iteration of its battery-swap station that allows people to change the battery in their vehicle rather than re-charge it.
“Nio introduced a more powerful 150 kilowatt-hour battery pack -- an improvement on the 100 kWh battery pack the company launched in November -- which will give Nio's vehicles a claimed range of 625 miles,” Ives wrote in a note. The base model of Tesla's Model 3 can travel 263 miles on a single charge.
Read more: Tesla China Rival Nio Ups Competition With New Electric Sedan
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