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Nio's William Li Hints At a Second Electric Vehicle Sedan Model, Rivaling Tesla's Model 3

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Shanthi Rexaline
·1 min read
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Chinese electric vehicle maker NIO Inc. - ADR (NYSE: NIO) announced a key production milestone Wednesday, after which founder and CEO William Li spoke to the media about the company's near-term goals.

Production Milestone: The company's 100,000 vehicle, an ES8, was completed at its Hefei manufacturing base on April 7.

Second Sedan Model In The Works: Nio unveiled its first-ever ET7 sedan at the annual Nio Day in January, with its scheduled commercial launch in the first quarter of 2022. The company is following up with a second sedan model, the CnEvPost reported, citing Li from the press conference.

According to Li, the proposed model will likely be more competitive than Tesla Inc.'s (NASDAQ: TSLA) Model 3. Last week, Tesla said about 99% of the 184,800 vehicles it delivered during the first quarter were either Model 3 or Model Y.

Related Link: Electric Vehicle Showdown: Tesla Vs. Nio Vs. XPeng Vs. Li Auto — How Q1 Deliveries Stacked Up

Nio plans to build more plants to provide manufacturing capacity for upcoming models, Li reportedly said.

Battery Swap Station Goals Conservative: Nio's goal of building its 500th battery swap station this year could prove conservative, the report said, citing Li.

"The company's internal target will be a little more aggressive and higher," Li said.

See also: How to Buy Nio Stock

Work on the intelligent EV industrial park Nio is building with the Hefei municipal government will begin April 29, he added.

NIO Price Action: Nio shares were up 3.06% at $38.41 Thursday morning.

Related Link: Why This Nio, Xpeng Analyst Is Bullish After Q1 EV Delivery Updates

(Photo: ET7 via Nio)

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