Nio Inc NIO plans to begin taking bookings for its electric sedan ET7 from mid-January onwards, cnEVport reported, citing the team working on the model.
What Happened: The deliveries for the electric sedan are expected to begin by the end of the first quarter.
The Shanghai-headquartered Nio plans to gradually ramp up deliveries from a few hundred units a month initially, as per the report.
The ET7 is the fourth vehicle to go on sale from Nio’s lineup of electric vehicles.
Why It Matters: Nio launched the flagship sedan ET7 in January at the company’s annual day, complete with its second-generation electric drive system, and it is expected to compete with Tesla Inc’s TSLA Model S sedan.
This system utilizes silicon carbide (SiC), which is considered more efficient, lightweight and compact than silicon. Tesla was the first to use SiC among all peers.
Price Action: Nio shares closed 0.68% higher at $38.66 a share on Friday.
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Photo: Courtesy of Nio
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