Nio's New ET5 Sedan Will Be Available In Norway And Other Markets By Spring 2023: Report

Nio, Inc. (NYSE: NIO) unveiled a new sedan named the ET5 at its 2021 Nio Day, which will become the Chinese EV maker's fifth production model.

Nio is planning to commercially roll out the ET5 in Norway and other markets by the Spring of 2023, CnEVPost reported, citing CEO William Li.

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

It was also revealed at the Q&A event 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 ET5 is a midsized EV sedan and comes with superior features and performance metrics. The sedan 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 began taking preorders for the sedan immediately after unveiling the model on Dec. 18, 2021 and promised to deliver the ET5 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 began operations in Norway last year and has set up a sales and service infrastructure in the country.

The company has set its sights on expanding into other European countries, namely Germany, the Netherlands, Sweden and Denmark, in 2022.

Nio closed Friday's session down 6.11% at $27.35.

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Photo: Courtesy of nio.com