Nio Shares Jump More Than 10% following Flagship Model ET9 Launch

BEIJING, December 27 (TMTPost)— The American depository receipts (ADRs) of jumped as much as 12% and settled 10.8% lower to US$9.33, the highest close since September 18. The shares rally came right after Chinese electric vehicle (EV) maker released its falgship sedan ET9, a rival of Porsche AG’s Panamera series and Mercedes-Benz Group AG’s luxury S range.

Credit：Nio

Nio officially debuted ET9 at its annual gathering Nio Day 2023 in Xi’an on December 23. The smart electric executive flagship brings together over 100 NIO full-stack technologies, including 17 world-first technologies, 52 leading technologies, and 525 patents filed, setting a new technological benchmark for EVs. Four-seated ET9 has a length of 5,325mm, a width of 2,016mm, a height of 1,620mm, and a wheelbase of 3,250mm. SkyRide Intelligent Chassis System is one of highlights ET9 boasts. The system integrates three core hardware systems-- steer-by-wire, rear-wheel steering, and full active suspension-- for the first time, making it the world's only driven-by-wire intelligent chassis. It enbales ET9 to deliver a driving experience akin to traveling on a flat surface even in case of complex road conditions.

ET9 is equipped with China's first Full-Domain 900V Architecture, boasting the highest voltage of 925V, a charging peak power of 600kW, and a charging peak current of 765A. The 900V ultra-fast charging and swapping platform allows fast recharging after a 3-minute battery swap or extending the range by 255km with a 5-minute charge. ET9 is powered by a self-developed intelligent system, where Nio's super computing platform Adam 2.0 supports computing functions in six major areas, namely intelligent driving, digital cockpit, intelligent chassis, body, e-powertrain, and cloud. Nio also premiered its first 5nm automotive-grade chip for AD, the NX9031, achieving a strong combination of computing power and proprietary algorithms. It shares computing resources between autonomous driving and cockpit domains, ensuring ultimate safety and efficiency.

ET9 starts at RMB800,000 (US$112,000), making it Nio’s most advanced and expensive model to date. The starting price is about 60% higher than that of Nio's existing flagship SUV ES8. ET9 is also more expansive than Tesla Inc.’s Model S sold at RMB698,900 in China. ET9 is one of the most expensive new energy vehicle model made by Chinese brands, seconds to BYD’s Yangwang U8, a luxury SUV model with a price tag of RMB1.098 million. Nio said ET9 is available for pre-order from December 23 while delivery is scheduled to commerce in the first quarter of 2025.

ET9 is Nio’s most important launch after the Shanghai-based company announced it has secured another investment deal with a investor backed by the Abu Dhabi government. Nio has signed a share subion agreement with CYVN Holdings L.L.C., an investment vehicle majority owned by the Abu Dhabi Government, according to a statement on December 18. Under the agreement, CYVN will invest an aggregate of US$2.2 billion in cash to subscribe for 294,000,000 newly issued Nio’s Class A ordinary shares at price of US7.50 per share.

This is CYVN’s second equity investment in Nio and the Middle East firm is set to input a total of US$3.3 billion over half of a year. Nio said in June that CYVN agreed to subscribe 84,695,543 new Class A ordinary shares for US$8.72 apiece, suggesting an investment of US$738.5 million and purchase 40,137,614 Class A ordinary shares owned by an affiliate of Tencent, one of Nio’s existing shareholders. The investment through these deals totals about US$1.1 billion.

Upon completion of the transaction set to to take place in the last week of December , CYVN will own 419 million issued and outstanding shares of Nio, up from 125 million shares at the end of the third quarter, and become the largest single shareholder with a 20.1% stake, surpassing Nio Chairman and CEO William Li, or Li Bin. Li will remain the controller as he owns the super-voting shares--Class C shares, whose holders have 8 votes per Class A Share. CYVN will be entitled to nominate two directors to Nio’s board of directors so long as it continues to beneficially own no less than 15% of the EV manufacturer’s outstanding share capital.