Nio's William Li Hints At a Second Electric Vehicle Sedan Model, Rivaling Tesla's Model 3

Chinese electric vehicle maker NIO Inc. - ADR NIO announced a key production milestone Wednesday, after which founder and CEO William Li spoke to the media about the company's near-term goals.

Production Milestone: The company's 100,000 vehicle, an ES8, was completed at its Hefei manufacturing base on April 7.

Second Sedan Model In The Works: Nio unveiled its first-ever ET7 sedan at the annual Nio Day in January, with its scheduled commercial launch in the first quarter of 2022. The company is following up with a second sedan model, the CnEvPost reported, citing Li from the press conference.

According to Li, the proposed model will likely be more competitive than Tesla Inc.'s TSLA Model 3. Last week, Tesla said about 99% of the 184,800 vehicles it delivered during the first quarter were either Model 3 or Model Y.

Related Link: Electric Vehicle Showdown: Tesla Vs. Nio Vs. XPeng Vs. Li Auto — How Q1 Deliveries Stacked Up

Nio plans to build more plants to provide manufacturing capacity for upcoming models, Li reportedly said.

Battery Swap Station Goals Conservative: Nio's goal of building its 500th battery swap station this year could prove conservative, the report said, citing Li.

"The company's internal target will be a little more aggressive and higher," Li said.

See also: How to Buy Nio Stock

Work on the intelligent EV industrial park Nio is building with the Hefei municipal government will begin April 29, he added.

NIO Price Action: Nio shares were up 3.06% at $38.41 Thursday morning.

Related Link: Why This Nio, Xpeng Analyst Is Bullish After Q1 EV Delivery Updates

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