Spy shots showed a camouflaged wagon believed to be a next-generation ET5 Touring testing in China.
- The potential “wagon king” successor could debut at Nio Day in Wuhan this December.
- ET5 Touring deliveries plunged 64.7% year-over-year in July and fell 47.2% during the first seven months.
- Chery invested $10.8 million for a 10% stake in Nio-controlled energy-tech unit Weiju Technology.
U.S.-listed shares of Nio, Inc. (NIO) rose over 1% overnight heading into Thursday after fresh road-test images pointed to a possible next-gen ET5 Touring, while Chery acquired a 10% stake in the EV maker’s emerging-energy unit.
Nio’s U.S.-listed shares rose 1% on Wednesday and are on track to snap a two-week losing streak.
New Nio ET5 Touring Spotted
Images shared on Weibo showed a heavily camouflaged Nio wagon testing on a public road, marking the prototype’s second reported sighting this month. Automotive observers noted a lower ride height, conventional door handles, and vertically mounted radar, while adding that its proportions still resemble the ET5 Touring. One blogger called it a possible third-generation model and declared that “the wagon king is really coming,” EV noted.
Nio has not confirmed the vehicle’s identity or launch date, although the company acknowledged in May that another wagon was planned. The model could debut at Nio Day in Wuhan this December, where the company traditionally unveils major products.
ET5 Touring Needs A Revival
A successor could help revive a model whose momentum has faded sharply. ET5 Touring deliveries fell 64.7% year-over-year to 1,561 units in July, while sales during the first seven months dropped 47.2% to 13,695 units, according to CPCA data compiled by CnEVPost.
The wagon supplied just 4.3% of Nio’s July deliveries, down from about 25% two years ago. It briefly became Nio’s top-selling model in 2025 before the third-generation ES8 took the crown. The current ET5 Touring starts at 298,000 yuan ($44,000), including the battery, and 190,000 yuan under Nio’s battery-rental plan.
Chery Takes 10% Nio Unit Stake
Separately, Chery subscribed to 72.5 million yuan ($10.8 million) for a 10% stake in Nio-controlled Weiju Technology, according to Chinese corporate records. Nio retained control with a 50.0156% interest as the unit’s registered capital nearly doubled to 725 million yuan.
Weiju focuses on emerging-energy and new-material technologies but reported no employees in 2025, suggesting it mainly functions as an investment vehicle. It also owns a stake in Fusion New Energy, the state-backed developer of Hefei’s BEST compact fusion-energy experiment.
The investment gives Nio and Chery a new channel for cooperation after their 2024 battery-swap agreement failed to produce a commercial vehicle. Earlier this year, Nio, Chery and JAC Motors also agreed to develop an “automotive innovation platform.”
How Do Retail Traders Feel About NIO?
On Stocktwits, retail sentiment for NIO was ‘bearish’ amid a 35% rise in 24-hour message volumes.
One user said, “$NIO Yuan is strengthening against the dollar, about time to have Yuan Carry trade for Nio! When Shanghai factory closes soon, like I told you so a few months ago, Sell tesla, buy Nio!”
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Another user said, “$NIO true nio longs and bulls are down bad, most of us small retail are during a bull market. Li Bin has failed us since IPO and he gets a massive payout if the market cap rises not the stock price.”
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Nio’s U.S.-listed shares have climbed 10% over the past year.
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