Nio (NYSE:NIO) had its highly anticipated Nio Day 2021 over the weekend as electric vehicle (EV) fans from all over the world tuned in. Now that the event is over, NIO stock investors may want to know about some of the biggest announcements.
Perhaps the most important was the unveiling of the ET5, a mid-sized sedan that seeks to compete with Tesla’s (NASDAQ:TSLA) Model 3. The ET5 carries a starting price tag of $40,470 for customers who enroll in the battery-as-a-service (BaaS) feature. This means that customers will pay a monthly service fee to rent a battery. For customers who want to own the battery, prices start at $51,450 for the 75kWh battery pack and $60,550 for the 100kWh battery pack.
To provide context, the 75 kWh battery pack will allow for 342 miles of travel on a single charge, while the 100 kWh will allow for 438 miles. The ET5 will be Nio’s fifth mass-produced model and “seamlessly integrates high-performance autonomous driving sensors into its pure yet progressive body lines.” Additionally, deliveries are set to start in September 2022.
While the ET5 sedan stole the show, Nio also announced several other exciting developments, including an augmented reality (AR) glasses set. Let’s jump right into Nio’s other big announcements.
NIO Stock: The Major Takeaways From Nio Day 2021
- First, Nio launched a pair of AR glasses that are made by Nreal, a Chinese startup with backing from Nio. The glasses are meant to help drivers keep their eyes on the road. They do this by showing drivers features that would otherwise require them to lower their vision by looking at the dashboard. Additionally, the glasses will be compatible with the ET5, although they must be purchased separately.
- Furthermore, Nio confirmed that it has developed virtual reality (VR) glasses with Nolo, another Chinese startup with backing from Nio. However, the company did not disclose availability and pricing details at the event.
- The EV maker also announced that the ET7 model unveiled during Nio Day 2020 would enter the production line on Jan. 20, 2022. Then, deliveries will start on March 28, 2022. Prices start at $51,250.
- Nio confirmed plans to bring its vehicles to Germany, Sweden, Denmark and the Netherlands next year. CEO William Li stated that he plans on reaching customers in more than 25 countries and regions by 2025.
- Additionally, Nio reported that it has now installed 3,348 destination chargers, 3,136 super chargers and 94,000 home chargers across China.
- Li declined to comment on whether Nio would list on another stock exchange in the near term. This comes amid broad fears surrounding U.S. delisting.
- Finally, the EV maker delivered a total of 80,940 vehicles as of Nov. 31.
On the date of publication, Eddie Pan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.