Benzinga | Jan 19, 2022 04:48AM EST

Tesla Rival Nio To Begin ET7 Production In March: Report

U.S. listed Chinese electric vehicle company Nio Inc (NYSE:NIO) will begin production of its electric sedan ET7 beginning March 11, cnEVpost reported on Wednesday, citing the company.

What Happened: The Shanghai, China-based Nio will begin production in the order of deposit payments that it secures.

The electric vehicle maker also reportedly said it would begin despatching the first show cars meant for test drive purposes by March to prospective customers.

Nio is sweetening the deal for ET7 buyers with a free 7kW DC home charger -- and those who book the flagship sedan before delivery begins can upgrade that charger to the 11-kWh version for free, cnEVpost noted.

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

See Also: Nio Expected To Begin Taking Bookings For ET7 In January

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

The electric drive system utilizes silicon carbide (SiC), which is considered more efficient, lightweight and compact than silicon. Tesla was the first to use SiC among all electric vehicle makers.

Price Action: Nio shares closed 4.2% lower at $29.66 a share on Tuesday.

Photo: Courtesy of JustAnotherCarDesigner via Wikimedia