Chinese electric vehicle manufacturer NIO Auto unveiled a new premium sedan and a larger capacity battery pack over the weekend. Its stock price is expected to outperform its peers on Monday.

　　The company's American Depositary Receipts rose more than 8% in pre-market trading on Monday, and other electric vehicle stocks were mostly lower, including industry leader Tesla. If this increase is maintained in regular trading, NIO Auto's stock price will reach a new high. Last Friday, NIO Auto's ADR closed at a record high of $58.92.

　　On Saturday, the company held its annual “Nio Day” event in Chengdu and released the new ET7. The price before the subsidy was 448,000 yuan (69,193 US dollars), and delivery began in the first quarter of 2022. This is the company's first electric sedan and is also seen as a potential direct competitor to Tesla's Model 3.

　　Although the release of the new car was expected, Wedbush analyst Daniel Ives said the “star of the show” was battery technology. In addition to introducing a larger battery pack to extend the range, NIO Auto has also upgraded its autonomous driving system and launched a second-generation power exchange station (that is, allowing car owners to change batteries rather than recharge batteries).

　　“NIO Auto has launched a more powerful 150 kilowatt hour battery pack, which is an improvement over the 100 kilowatt hour battery pack launched by the company in November and will bring NIO's nominal range to 625 miles,” Ives wrote in a report. The basic Tesla Model 3 can travel 263 miles on a single charge.