Shares of Chinese electric carmaker NIO unveiled its first battery-powered sedan ET7. The ET7 prices start at 448,000 yuan ($69,193) before government subsidies. Deliveries will begin the first quarter of 2022.
NIO also launched a bigger volume battery pack that promises to boost driving range, an upgraded autopilot system and the second iteration of its battery-swap station.
The ET7 offers two battery options, 70 kWh and 100 kWh, that provide a range of 311 miles and 435 miles, respectively. By late 2022, the company will also offer a 150 kWh battery version that can go 620 miles on a single charge.
According to Wedbush Securities analyst Daniel Ives, strong demand for EVs in China is reaffirmed by solid sales figures from Tesla, Xpeng , Li Auto , Baidu and NIO indicate room for all electric carmakers.
“For this year we are seeing a tidal wave-like surge of EV demand globally with our expectations that EV vehicles ramp from ~3% of total auto sales today to 10% by 2025,” Ives wrote in a note. The analyst further mentioned that adding that EV sales can potentially double in the region over the next few years amid the pent-up demand for EV vehicles across all price points.