NIO shares soared 14.4% on Aug. 22 in New York, one day after the Chinese electric vehicle maker unveiled a refreshed version of its flagship ES8 sport utility vehicle at a pre-sale price more than 16% lower than that of its predecessor. The third-generation, 5.3-meter-long ES8 is available for order at RMB 416,800 ($58,227) and features a large battery pack that promises a driving range of 635 kilometers (395 miles), along with 0–100 km/h (0–62 mph) acceleration in under four seconds. By comparison, the previous-generation SUV, which went on sale two years ago, was priced between RMB 498,000 and RMB 598,000, and its entry-level version offered a range of just 465 kilometers on a single charge. NIO CEO William Li Bin told Chinese reporters the same day that there is still significant room for margin improvement despite the aggressive pricing strategy. The company’s Hong Kong-listed shares also rallied more than 14% in early trading Monday. [TechNode reporting, NIO press release]
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