NIO is seeing fresh success with its third-generation ES8 SUV (sport utility vehicle), and Wall Street is excited about it.

The ES8 has received about 100,000 cancellable orders to date, Deutsche Bank said in a research note today, citing its dealer check.

Hong Kong-listed shares of NIO jumped 9.7%.

Nio began pre-sales of the third-generation ES8 in China on August 21, with a starting price of RMB 416,800 ($58,630) including a 100-kWh battery pack -- significantly lower than its predecessor with the same pack.

The SUV's official launch will occur this Saturday at Nio Day 2025. Prior to that, consumers can reserve the model with a refundable RMB 5,000 deposit.

The third-generation ES8's final pricing will be announced at Saturday's event. Deutsche Bank analyst Wang Bin's team expects the final price to be reduced by RMB 7,000 to RMB 17,000 from the already highly competitive pre-sales price.

The new ES8 represents Nio's latest success following the flagship SUV L90 from its sub-brand Onvo. Nio management said earlier this month that the third-generation ES8 outperformed the L90 in pre-sales during the same period.

The Onvo L90 commenced deliveries on August 1 and delivered 10,575 units in August, becoming the fastest model in Nio Inc's history to surpass the 10,000-unit delivery milestone.

During a September 2 earnings call, Nio management said the new ES8 would reach 10,000 units monthly production capacity in October and 15,000 units in December.

Nio Inc aims to deliver 150,000 vehicles in the fourth quarter, averaging 50,000 monthly deliveries, the company said.