NIO Inc ( NIO ) shares are trading higher Monday, adding to gains of approximately 30% over the past week. Here’s what you need to know.

What To Know: Nio stock is rising for the seventh consecutive session. The rally comes after the company unveiled its new ES8 SUV at a launch event in China last week.

Nio’s new SUV will be available in six-seat and seven-seat versions and start at a price of RMB 400,000 ($55,730) under a battery rental plan, making it a relatively affordable EV model compared to the company’s other offerings.

Nio is due to report financial results for the second quarter early next week. The company is expected to report a loss of 30 cents per share and revenue of $2.76 billion, according to estimates from Benzinga Pro. Nio said earlier this month that July deliveries declined to 21,017 vehicles from 24,925 in June.

The stock shows strong momentum with a momentum score of 89.59, according to Benzinga Edge Rankings data. The price action indicates a bullish trend, with higher highs and higher lows forming over the past few sessions, as Chinese tech and EV stocks surged following positive market sentiments driven by recent comments from Fed Chair Jerome Powell, hinting at potential rate cuts that could invigorate consumer demand.

The RSI is calculated at 65.32, indicating the stock is approaching overbought territory but still has room for further gains. The MACD shows a bullish crossover, with the MACD line at 0.15 and the signal line at 0.10, reinforcing the positive momentum.

Analyst ratings show mixed sentiment, with JPMorgan maintaining a Neutral rating with a $5 price target on August 14, Goldman Sachs maintaining a Neutral rating on June 17 and Barclays maintaining an Underweight rating with a $3 price target on June 4.

NIO Price Action: Nio shares were up 1.81% at $6.45 at the time of publication Monday, according to Benzinga Pro.

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