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What Happened: The Shanghai-headquartered Nio may bring the second-generation electric motor to other models such as the ES8, ES6 and EC6, as per reports coming from China.
The electric drive system has a combined system power of 480kW — 180kW at the front and 300kW at the rear — and a peak torque of 850 Nm.
Why It Matters: Nio, founded in 2014, launched the flagship sedan ET7 in January at the company’s annual day, complete with its second-generation electric drive system.
This system utilizes silicon carbide (SiC), which is considered more efficient, lightweight and compact than silicon. Rival Tesla Inc (NASDAQ: TSLA) was the first to use SiC of all peers, putting chips made of the world's third-hardest substance in inverters of some Model 3 vehicles, Nikkei Asia reported last month.
Nio is among a growing breed of homegrown Chinese electric vehicle startups beside Xpeng Inc (NYSE: XPEV) and Li Auto Inc (NASDAQ: LI), which have quickly established themselves locally with their all-electric lineup and are now eyeing international expansion.
In May, the electric vehicle maker revealed plans to expand to markets outside of China, starting with Norway.
Price Action: Nio shares closed 1.06% higher at $40.03 a share on Tuesday.
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Photo: Courtesy of Nio
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