Why Nio Stock Is Charging Higher Today

Shares of Chinese electric-vehicle maker Nio (NYSE: NIO) were moving higher on Tuesday, after the company confirmed that it will unveil a new SUV in April. As of 11:30 a.m. ET, Nio's American depositary shares were up about 5.2% from Monday's closing price.

Nio will begin shipping a new five-passenger electric SUV called the ES7 before the end of 2022, company president and co-founder Lihong Qin said at a media event in China on Tuesday.

The ES7, which will be revealed in April, will be the third new Nio of 2022 -- and the third new Nio based on the company's advanced NT2.0 platform. Its launch will follow those of the company's new flagship, the ET7 sedan revealed early last year, and a smaller sedan called the ET5 that Nio showed in December.

Source Fool.com