Nio, Inc. NIO is looking ahead to a period of strong product momentum, given the planned commercial availability of its ET7 and ET5 sedans. The company now reportedly has a launch date for its sixth production model – the ES7.
What Happened: Nio will likely unveil the ES7 around April 15 at the CSSC Pavilion in Shanghai, CnEVPost reported, citing a post shared on Weibo by an auto blogger.
The newest model will likely be launched ahead of the Beijing International Automotive Exhibition 2022, which is scheduled to be held on April 21-30.
Earlier CnEVPost reporting, quoted Nio's co-founder and President Qin Lihong saying that the ES7 will be a large five-seater SUV and will be positioned between the ES6 and ES8 SUVs. It will be pitched against Bayerische Motoren Werke Aktiengesellschaft's BMWYY X5L, which is due for launch this year, Nio added.
Related Link: Nio Analyst Predicts Over 200% Upside For Stock: 'EV Maker Has Clear Growth Prospects In 2022'
The ES6 will be built on Nio's NT2.0 platform and have an intelligence level similar to the ES6 and ES8, according to a CnEVPost report.
Lihong also reportedly said the model will be delivered in 2022.
Why It's Important: Nio is coming off a turbulent year, during which production was hurt by chip and component shortages. Production issues also dragged the stock down, with Nio underperforming the rest of the EV stocks in 2021.
The new year looks promising for this Chinese EV startup. With three launches planned for the year, Nio is set to see a ramp up in volumes, which will ultimately reflect in its top- and bottom-line performances.
Nio closed Friday's session down 6.11% at $23.21.
Photo: Courtesy of nio.com
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