NEW YORK, NY – SEPTEMBER 12: The logo of Chinese electric vehicle company NIO is on display on the opening bell floor of the New York Stock Exchange (NYSE) on September 12, 2018. The Shanghai-based electric vehicle company trades for $6 per share. (Photo by Drew Anger/Getty Images)
Drew Angerer | Getty Images News | Getty Images
On Monday, Hong Kong-listed stocks of Chinese electric vehicle maker Nio soared as much as 14.84%, extending earnings for its seventh consecutive session.
The rally follows the company's launch of its latest ES8 SUV on August 21. The model costs $308,800 ($43,000) under the battery subscription plan, making it one of the most affordable cars in NIO.
In contrast, Nio's premium SUVs typically range between $338,000 and $768,000.
Nio's subscription plan reduces upfront fees while allowing customers to swap or upgrade their batteries via monthly fees. Delivery is scheduled to begin in late September.
The automaker's listed stock rose 9.27% to $5.54 after the announcement of new vehicles and rose 14.44% at $6.34 at the end of Friday. Meanwhile, its shares in Hong Kong ended Friday's trade fair 11.12%.
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Nio shares after releasing one of the cheapest electric cars ever
Nio's launch of ES8 is getting higher and higher in China's electric vehicle industry.
The Tencent-backed company has historically targeted the high-end market, but is now facing fierce competition from other companies that launch vehicles with similar features at lower prices.
Nio recently launched two cheap brands – Onvo for the mass market, and Firefly, which caters to young city buyers, to attract a wider range of customers.
– Victoria Yeo and Evelyn Cheng of CNBC contributed to this report