Chinese electric vehicle maker Nio Inc. NIO plans to commence mass production of a new model called the “ES7” in June next year, cnEVpost reported Monday.
What Happened: The new model will be produced under Nio’s previously announced project codenamed “Gemini,” the report noted, citing mydrivers.com.
The model will reportedly be produced at Nio’s Hefei plant, with a target production of 60,000 units per year.
See also: How to Buy Nio Stock
Nio had applied for the “NIO ES7” trademark in May this year, according to the report. Based on the model name, the ES7 could be a new SUV positioned between the ES8 and ES6.
Why It Matters: Nio, a manufacturer of premium electric vehicles, ` in June that “Gemini” is the code name for a new high-end product to be launched next year, burying media speculation it will be a mass, entry-level product.
The company currently sells three SUV models in China, namely the ES6, ES8 and EC6. The company’s new ET7 premium electric sedan, released earlier this year, will begin deliveries in the first quarter of next year.
Nio's current line of vehicles is focused at the high-end of the market and priced no less than $54,700 and the “Gemini” model may be aimed at the market below that.
It was reported last week that Nio is also close to launching a vehicle catering to the mass market under a different brand name. The new sub-brand would be priced at RMB 150,000 to RMB 250,00 ($23,200 to $38,680).
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Photo: Courtesy of Nio
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