Nio's ET7 Sedan Could Become The EV Maker's Bestselling Model: Report

Nio, Inc. - ADR NIO shares have turned the corner and are currently trading at their highest level since March 18.

Even as the company navigates through trying times in the wake of global semiconductor shortage, it seems to have set an ambitious target for its upcoming EV sedan model, the ET7.

What Happened: Nio is targeting sales of 50,000 units of the ET7 in 2022, CnEVPost reported, citing minutes posted on the Nio board of EV forum ddxq.tech by the company's motor component supplier, Zhejiang Founder Motor.

The breakdown of the annual sales target to monthly total would mean Nio selling roughly 4,160 each month.

In comparison, Nio sold 1,412 ES8, 3,017 ES6 and 2,282 EC6 models in May. Nio clocked record monthly sales in January, when it sold 1,660 ES8, 2,720 ES6 and 2,845 EC6 models.

If the reported ET7 sales target for 2022 is achieved, then the sedan could easily be the company's top-selling model.

Related Link: Nio Vs. XPeng: How Chinese EV Duo's May Deliveries Stack Up

Why It's Important: Nio announced the ET7 at its annual Nio Day 2020 in mid-January 2021. On more than one occasion the company has reiterated the vehicle's commercial launch schedule for the first quarter of 2022.

The company, which announced its entrance into Norway in early May, said the ET7 will be the second Nio model launched in that country after ES8.

The first ET7 body with the main structure and cover welding assembly rolled off the production line at the Hefei manufacturing plant on April 1.

In mid-May, Nio confirmed the first validation build of its ET7 sedan. Validation builds are vehicles used for testing engineering design and production line processes.

With the ET7, the company has a lot at stake, as the company is striving to push its sales beyond the current run rate.

At last check Tuesday at publication, Nio shares were up 0.23% at $43.78.

Related Link: Nio, Tesla Battery Supplier CATL To Launch Sodium-Ion Battery In July

(Photo: Nio)