Chinese electric vehicle maker Nio Inc. (NYSE:NIO) will officially launch its second sedan, the ET5, during the Nio Day event to be held early next year, according to Chinese auto industry website autohome.com (via cnEVpost).
What Happened: The ET5 will be positioned below the ET7, Nio’s first-ever sedan unveiled earlier this year, as per the report that cited people familiar with the matter.
The standard edition of the Nio ET7 is priced at RMB 448,000 ($70,380) – 526,000 before subsidies. Under a Battery-as-a-Service scheme, the price is 378,000 yuan ($59,384) and a 980-yuan ($154) monthly subscription.
The ET5 is reportedly expected to be a midsize sedan and could be priced at around RMB 300,000 ($47,130) in order to compete with Bayerische Motoren Werke Aktiengesellschaft’s (OTC:BMWYY) BMW 3 Series and Volkswagen AG’s (OTC:VWAGY) Audi A4.
See Also: Alibaba, JD, Tencent And Nio Rivals Xpeng, Li Auto Clock Gains In Hong Kong As Market Turns Optimistic Amid Chinese Vice Premier’s Reassurance
Why It Matters: While reporting its second-quarter earnings results last month, Nio said it plans to deliver three new products based on the NIO Technology Platform 2.0 in 2022, including the ET7.
Nio is speeding up the launch of new products in order to cater to the growing user base in the global EV market.
Nio currently sells three SUV models in China – namely the ES6, ES8 and EC6, all focused at the high-end of the market and priced no less than $54,700.
Price Action: Nio’s shares closed less than 0.1% higher in Friday’s trading session at $40.37.
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