Nio Inc (NYSE: NIO) share price just hit a record high.

Source: Google Finance

Right now, each Nio share is going for US$62.70, up around 6% from the previous day close. At one point in time, Nio was selling as high as US$65.97 per share.

Investors could be wondering what led to Nio’s share price zooming up so much in just one day.

Wonder no more…

As we’ve got you covered.

Nio Unveils the ET7, An Electric Sedan

Nio prides itself in being a pioneer in China’s premium electric vehicle market. It designs and sells smart and connected premium electric vehicles.

Over the weekend, during its annual event dubbed “Nio Day 2020”, Nio launched its first autonomous driving vehicle, the Nio ET7.

This makes it go head-on against the electric car market leader Tesla Inc (NASDAQ: TSLA).

Nio’s smart electric flagship sedan, which was revealed by Nio founder and chief executive William Li on Saturday evening, will sell at 448,000 yuan (S$90,000) before government subsidies.