Nio shares jump 10% after releasing first flagship EV in more than two years
Chinese electric car company Nio announced May 27, 2026, that former NBA player Yao Ming (R) would be a representative for the brand as it
Chinese electric car company Nio announced May 27, 2026, that former NBA player Yao Ming (R) would be a representative for the brand as it launches the ES9 SUV, a car that CEO William Li Bin (L) touted as the largest SUV in China. BEIJING — Chinese electric car company Nio is trying to raise the bar for premium vehicles in a fiercely competitive market. Shares of Chinese electric carmaker Nio jumped as much as 10.45% in Hong Kong trading on Thursday after the company officially launched its ES9 SUV a day earlier.
Its U.S.-listed stock closed 9.32% higher overnight, extending gains for 2026. The ES9 starts at 390,000 yuan ($57,470) under Nio's battery subscription model, which separates the cost of the vehicle from monthly battery payments. It reflects the ongoing race to the bottom in China's electric car market, despite Beijing's efforts to curb excessive competition, often called involution. Sales of new energy vehicles for the first four months of the year have dropped by 17% in China, according to the country's passenger car association.
The Chinese car market has already passed its years of fastest growth as most potential car buyers have already purchased one, Nio CEO William Li told reporters Thursday. As technological features converge across EV models, Li said brand and targeted premiumization will be key to survival. When Nio launched its flagship ET9 sedan in late 2023, prices started at 800,000 yuan. But before deliveries started in the first quarter of 2025, consumer electronics company Xiaomi had launched its first electric car — at 215,900 yuan.
With the new ES9, which Nio claims is the largest SUV in China, deliveries start Thursday.
The BriefWire