By Dhirendra Tripathi
Investing.com – Nio ADRs (NYSE:NIO) traded 5.8% higher Monday after the EV-maker delivered the first batch of its smart electric flagship sedan ET7 to users.
The automaker has claimed a driving range of up to 621 miles from a 150 kWh battery pack for the ET7, a feature most users worry about - the distance an electric vehicle will run on a single charge.
This compares with Lucid Air’s 520 miles for the 19-inch wheel, the longest-range EV rated by the Environmental Protection Agency (EPA) so far.
Nio's first model on the second-generation technology platform NT2.0 comes standard with over 100 configurations and is equipped with a brand-new software system called Banyan. According to reports, the vehicle’s specifications are not yet certified by the regulator Environmental Protection Agency.
The company rolled out the first batch of vehicles at its plant in Hefei. This will be followed by exports to Norway, Germany and then the rest of Europe.
The company is currently offering two variants of ET7, the regular model and the first edition, with pre-subsidy prices of RMB 448,000 ($70,400) and RMB 526,000 ($82,500), respectively. Customers who choose the battery rental service will see the starting price slashed by at least RMB 70,000, according to InsideEVs.