Nio Inc NIO will use Honeywell International Inc’s HON refrigerant with ultra-low global warming potential for its recently launched ET7 sedan, CnEVpost reported on Thursday, citing the U.S. industrial company.
What Happened: Honeywell claims its hydrofluoroolefin (HFO)-based refrigerant has a global warming potential (GWP) of less than 1, a 99.9% reduction compared to HFC refrigerants currently used in the Chinese market.
The HFO-1234yf refrigerant was being used in more than 120 million vehicles globally at the end of last year, the report said, citing Honeywell.
It replaces a third-generation refrigerant commonly used in cars sold in China.
See Also: Tesla Rival Nio Now Bumping Up Prices Of Its ET7 Sedans
Why It Matters: The move comes amid China ramping up its new energy vehicle efforts that will help it switch to zero-emission vehicles.
Shanghai-based Nio, which competes with Tesla Inc TSLA, hiked the starting prices of all ET7 models by $1,470 earlier this week.
ET7 models would be priced at $68,700 to $80,400 after the price change for the pioneer version.
Price Action: Nio shares closed marginally higher at $14.6 on Wednesday.
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