Nio, Inc. (NYSE: NIO) is counting heavily on the new models slated for launch this year. One of the impending catalysts on this front could materialize in favor of the company.
What happened: The first batch of Nio’s top-end sedan model, the ET7, began rolling off the production line at the company’s Hefei manufacturing plant on Thursday, CnEVPost reported, citing the company.
Each vehicle goes through different production processes, including stamping, bodywork, painting and final assembly. It undergoes multiple inspection processes before reaching mass production standards.
Manufacturing speed is being gradually increased to meet mass production requirements, while maintaining quality standards for all components and the vehicle, the report said. This milestone suggests that the ET7 is now ready to meet the quality standards required for delivery.
Related Link: Nio Analyst Predicts Over 200% Rise for Stocks: ‘EV Maker Has Clear Growth Prospects in 2022’
Why it matters: The ET7, the very first sedan from Nio, was first announced during the Nio Day 2020 event held in early January 2021. The company provided additional updates on the model during the Nio Day 2021 held in December 2021. The sedan is promoted with the slogan “ready for tomorrow.”
Nio made the ET7 available for a test drive in early March. Deliveries of the model are expected to begin on March 28.
The company also plans to release the ET7 in Norway after the successful launch of the ES8 in the European country.
Nio could share more details on the ET7 launch schedule during its earnings call, which is expected to be held after market close on Thursday.
NIO Price Action: Shares of Nio were down 4.09% at $20.97 on Thursday morning.
The Nio ET7. Photo courtesy of Nio.
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