Hong Kong Auto Stocks Surge, NIO Shares Jump Nearly 15%

NIO’s stock has jumped 49% in two months after the ONVO L90 launch, far outpacing the S&P 500’s 7%, with the all-new ES8 expected to fuel further gains.

On the morning of August 25, Hong Kong-listed auto stocks rallied across the board. NIO-SW (09866.HK) rose as much as 14.84% intraday, GAC Group (02238.HK) gained 8.16%, Brilliance China (01114.HK) advanced 6.42%, and Geely Automobile (00175.HK) climbed 2.40%.

Notably, beyond Hong Kong’s strength, NIO’s U.S.-listed shares also posted a sharp gain in the previous trading session, closing up more than 14%.

NIO’s surge reflects both macroeconomic momentum and the company’s product strategy.

At the annual global central bank meeting, Federal Reserve Chair Jerome Powell signaled potential rate cuts, boosting market risk appetite and lifting the broader tech and new energy sectors. But the immediate catalyst for NIO was the debut of its all-new ES8.

On August 21, the third-generation ES8 was officially unveiled and opened for presales, starting at RMB 308,800 ($43,000)—over RMB 100,000 ($13,930) cheaper than the previous generation. Deliveries are scheduled to begin in late September, with more than 300 showrooms nationwide already displaying the model.

Compared with earlier versions, which wavered in both pricing and market positioning, the new ES8 is widely seen as aligning more closely with the core RMB 400,000 ($55,720) large three-row SUV segment.

In a group interview, NIO CEO William Li admitted the company had “made mistakes” in defining the first two generations of the ES8: the first generation was priced too far above the ES6, leaving limited market support, while the second faced challenges balancing costs and margins. He described the third-generation ES8 as a “reset,” drawing on a decade of technological accumulation and a clearer product strategy to anchor the brand in its core market.

At the retail level, the launch has already generated momentum. NIO showrooms saw a marked increase in customer traffic over the past weekend, with higher inquiries and test-drive bookings reported at several locations.

On August 22, NIO co-founder and President Qin Lihong disclosed that presales of the new ES8 had already surpassed those of ONVO’s L90, its sibling brand.

Following the successful launch of the ONVO L90, NIO’s share price has climbed 49% over the past two months, far outpacing the S&P 500’s 7% gain in the same period. Morgan Stanley noted, “The new ES8 could drive NIO’s stock even higher.”