Benzinga | Nov 22, 2021 02:09AM EST

Nio Expected To Begin Taking Bookings For ET7 In January

Nio Inc (NYSE:NIO) plans to begin taking bookings for its electric sedan ET7 from mid-January onwards, cnEVport reported, citing the team working on the model.

What Happened: The deliveries for the electric sedan are expected to begin by the end of the first quarter.

The Shanghai-headquartered Nio plans to gradually ramp up deliveries from a few hundred units a month initially, as per the report.

The ET7 is the fourth vehicle to go on sale from Nio's lineup of electric vehicles.

See Also: NIO May Bring ET7's Electric Drive System To All Models

Why It Matters: Nio launched the flagship sedan ET7 in January at the company's annual day, complete with its second-generation electric drive system, and it is expected to compete with Tesla Inc's (NASDAQ:TSLA) Model S sedan.

This system utilizes silicon carbide (SiC), which is considered more efficient, lightweight and compact than silicon. Tesla was the first to use SiC among all peers.

Price Action: Nio shares closed 0.68% higher at $38.66 a share on Friday.

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Photo: Courtesy of Nio