Nio unveils new EV sedan at Nio Day

Nio, Inc. NYSE: NIO unveiled a new sedan named the ET 5 at its 2021 Nio Day, which will become the Chinese EV maker's fifth production model.

CnEVPost reported that Nio is planning to commercially roll out ET 5 in Norway and other markets by the Spring of 2023, according to CEO William Li.

Li made a statement in response to a question posed by a Nio user on a Q&A session that was organized by the company's Norwegian team, led by general manager Marius Hayler.

The Q&A event revealed that Nio is in talks with map providers, including Alphabet, Inc. NASDAQ: GOOGL NASDAQ: GOOG, to improve the accuracy of the vehicle's navigation system.

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The ET 5 is a midsize EV sedan that comes with superior features and performance metrics. The car has a starting price of 328,000 yuan $51,500 and is seen as being positioned against Tesla, Inc.'s NASDAQ: TSLA hugely-successful Model 3 sedan.

Nio started preorders for the sedan immediately after unveiling the model on December 18, 2021, and promised to deliver the ET 5 in China by September 2022.

The Chinese EV maker currently caters mainly to domestic markets and took baby steps toward international expansion only in 2021. Nio started operations in Norway last year and has set up a sales and service infrastructure in the country.

In 2022, the company hopes to expand into other European countries, namely Germany, the Netherlands, Sweden and Denmark.

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