U.S. listed Chinese electric vehicle maker Nio Inc (NYSE:NIO) will launch a five-seater electric sport utility vehicle in April this year, CnEVpost reported on Tuesday, citing the company’s co-founder Qin Lihong.
What Happened: The electric SUV will be built on the company’s NT2.0 platform and be equipped with similar intelligence prowess as in the ET5 and ET7 sedans.
Deliveries for Nio are dependent on the “supply chain,” Qin said, adding that the electric automaker plans to increase capacity this year.
See Also: Tesla Rival Nio To Begin ET7 Production In March: Report
Why It Matters: The Shanghai, China-based Nio currently has three models on sale including the six-seater and seven-seater ES8, five-seater ES6s and EC6 coupe models.
More new models are in the pipeline. Nio plans to begin production of ET7 sedans from March 11. The more affordable ET5 is expected to fetch higher volumes and compete with Tesla Inc’s (NASDAQ:TSLA) Model 3 when it begins deliveries in September this year.
Nio had last year revealed it expects deliveries for two new models based on the NT2.0 platform to begin in the second half of 2022 without revealing any details on the launch of a third model.
The new models would help add more options for buyers besides lowering the EV maker’s affordability.
Price Action: Nio shares closed 1.3% lower at $23.8 a share on Monday.
