Benzinga | Dec 22, 2021 04:09AM EST

Nio Saw 6% Rise In Average Selling Price This Year: Report

U.S. listed Chinese electric vehicle maker Nio Inc.'s (NYSE:NIO) average selling price has risen 6% in the first eleven months of the year, cnEVpost reported, citing a regional research agency.

What Happened: The Shanghai-based electric vehicle maker's average sell price rose about $3,800 (RMB 24,000) to $65,000 (RMB 413,800).

The rise was due to the change in the mix. Nio sold more of its five-seater, mid-size sports utility vehicle ES6 but the percentage of sales was lower in the first 11 months compared with the percentage sales of the 5-seater crossover SUV EC6.

Nio's average sales price ranked fourth in China. Germany's Mercedes-Benz cars have a higher average selling price.

See Also: Nio Says ET5, Launched Saturday, Is Already Its Model With Highest Pre-Orders

Why It Matters: Nio's average sell price is expected to come down next year. Nio revealed the more affordable ET5 electric sedan on Saturday at the company's annual day and said its fifth production model was immediately available for pre-order.

The all-electric sedan comes at a starting price of $51,500 (RMB 328,000) before government subsidies. ET5 is expected to compete with Tesla Inc's (NASDAQ:TSLA) best-selling Model 3, which is priced at $40,905 onwards, after subsidies.

Price Action: Nio shares closed 7.10% higher at $30.2 a share on Tuesday.