Nio Debuts ET7 In Europe, Plans To Launch In Germany In 2022

Nio, Inc. NIO, which has kickstarted its overseas expansion with market entry into Norway, may be making further headway in this direction.

What Happened: Participating in the IAA Mobility event in Munich, Nio took the curtains off its yet-to-be marketed ET7 EV sedan, marking the model's maiden appearance in Europe.

The company also confirmed the ET7 will likely be its first model to be launched in Germany in 2022. Deliveries are likely to begin in the fourth quarter of 2022, Magcars reported.

"Entering the German market is our goal. There is a lot of interest and inquiries from potential users. Our goal is to have the Nio ET7 in Germany by the end of 2022," Nio's founder chairman and CEO William Li reportedly said at the event.

Incidentally, Nio is planning to first sell its flagship ES8 SUV in Norway, ahead of the ET7.

Related Link: Germany Could Be Nio's Next Stop After Norway Foray, Reports Say

Why It's Important: Nio's market is now confined to China. Gaining a foothold in Germany in particular will be key for the company, as it will be up against global legacy automakers such as Bayerische Motoren Werke Aktiengesellschaft BMWYY and Volkswagen AG VWAGY, which have plunged headlong into the EV arena.

Nio unveiled the ET7 at its annual Nio Day event in early January. The model will be the company's first-ever sedan and will come with advanced features and technology. The company has set a timeline of the first quarter of 2022 for delivering the sedan.

NIO Price Action: At last check, Nio shares were up 0.36% at $38.59. 

Related Link: Nio's Norway Plan On Track; EV Maker To Open First Nio House And Announce Local ES8 Pricing On Sept. 23