Nio surges 9% 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 launches the ES9 SUV, a car that CEO William Li Bin (L) touted as the largest SUV in China. Lintao Zhang | Getty Images News | Getty Images BEIJING — Chinese electric car company Nio is trying to raise the bar for premium vehicles in a fiercely competitive market. The U.S.-listed stock surged 9% Wednesday, sending shares further into the green for 2026, after Nio officially launched its ES9 SUV with prices as low as 390,000 yuan ($57,470) when paying for battery power on a separate, monthly basis. 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 . 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. CEO William Li showed off an array of features at a launch event in Beijing, from advanced driver-assist systems that can respond to road signs, to passenger seats with wood-colored tables that unfold similarly to those on an airplane. The ES9 also supports an in-car water boiler that lets passengers brew tea. …