Nio, Inc. (NYSE: NIO) unveiled its all-new ET7 sedan at its Nio Day event in early January, and deliveries of the EV maker’s first-ever sedan will likely begin in the first quarter of 2022.
What Happened: Nio could release a version of the ET7 with low-cost lithium iron phosphate, or LFP, batteries, as opposed to the ternary lithium-ion batteries it now uses, the CnEVPost reported, citing information released by China’s Ministry of Industry and Information Technology.
The ET7 was included in MIIT’s list of the latest models that will be part of its product announcement, the report said. This suggests the sedan will likely hew to Nio’s scheduled delivery timeframe.
The ET7’s description in the list reportedly suggests batteries for the model will be supplied by Nio’s longtime supplier CATL. More importantly, two battery types are listed — a ternary lithium-ion batteries and LFP batteries, the report said.
Related Link: Nio Lowers Q3 Forecast After August Deliveries Plunge Amid Supply Chain Disruptions
Why It’s Important: Nio revealed at the January event that the Standard Edition of ET7 with a 70 kilowatt-hour battery pack is priced at 448,000 yuan ($69,400) before subsidies. Under the battery-as-a-service scheme, the price is 378,000 yuan and a 980-yuan monthly subscription.
The high-end ET7 premium edition with a 100kWh-pack is priced at 526,000 yuan. Under the BaaS option, it is 398,000 yuan plus a 1,480-yuan monthly subscription fee.
LFP batteries are relatively cheaper than ternary lithium-ion batteries. The adoption of LFP batteries could make the ET7 affordable to potential customers.
Rival Tesla, Inc. (NASDAQ: TSLA) has launched MIC Model 3 and Model Y vehicles armed with LFP batteries, providing leeway for significantly reducing prices.
At last check, Nio shares were rising 1.18% to $38.59.
Related Link: How Nio’s Norway Market Entry Is Unfolding
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