Nio shares surge over 14%, extending gains for seventh session

The Hong Kong-listed shares of Chinese electrical carmaker Nio surged arsenic overmuch arsenic 14.84% Monday, extending its gains for the seventh consecutive session.

The rally comes aft the institution unveiled its latest ES8 SUV connected Aug. 21. The exemplary is priced astatine 308,800 yuan ($43,000) nether a artillery subscription plan, making it 1 of Nio's astir affordable automobiles.

By comparison, Nio's premium SUVs typically outgo betwixt 338,000 yuan and 768,000 yuan.

Nio's subscription program lowers upfront costs portion allowing customers to swap oregon upgrade batteries done a monthly fee. Deliveries are acceptable to statesman successful precocious September.

The U.S.-listed shares of the carmaker climbed 9.27% to adjacent astatine $5.54 connected Thursday, pursuing the announcement of its caller vehicle, and rallied 14.44% connected Friday to extremity the time astatine $6.34. Meanwhile, its shares successful Hong Kong ended Friday's trading league 11.12% higher.

Nio shares soar aft releasing 1 of its cheapest EVs ever

Nio's rollout of the ES8 comes amid mounting unit successful China's electrical conveyance sector.

The Tencent-backed institution has historically targeted the high-end market, but is present facing aggravated contention from different companies rolling retired vehicles with akin features astatine little terms points.

Nio precocious launched 2 cheaper brands — Onvo, which targets the wide market, and Firefly, which caters to young municipality buyers — to seizure a broader scope of customers.

— CNBC's Victoria Yeo and Evelyn Cheng contributed to this report