NIO ET5, ES7 to become the first passenger cars in China equipped with an electric tow hook

Written by Cláudio Afonso | | LinkedIn | Twitter

On Wednesday, China’s Ministry of Industry and Information Technology officially released another batch of upcoming models to the country which includes NIO ET5. The Shanghai-based company will start the production of two new models this year and both will include a retractable electric tow hook capable of towing up to 1400kg

According to the information revealed, ET5 joins the SUV ES7 (that will be officially launched on June 15) becoming the first passenger cars in China equipped with an electric tow hook. With the camping boom, NIO worked to launch a portable charger and is now preparing to equip its new models with an electric tow hook. On June 15, it is also expectable to see the same feature announced on the updated versions of NIO ES8, ES6, and EC6.

In early Many, China’s Ministry of Culture and Tourism said that short-distance tours remained the most popular choice among travellers over the five-day break from April 30. In the country, tour products that featured camping and recreational vehicles were a popular choice among travellers.

NIO ET5 Specs

Body Size4790/4913mm, width 1960mm, height 1499mm
The total mass of the quasi-trailer1400kg
Curb weight (kg)2200/2185/2180/2165/2145

NIO will report its Q1 2022 Earnings Results on Thursday, June 9, before the U.S. Market opening. In a new note, Deutsche Bank analyst Edison Yu disclosed its expectations for the financial results. After the Shanghai opening up last week, the analyst forecasts that the company will deliver 24,000 units in Q2 2022, down 6.9% from the first quarter of 2021.

Earlier this week, NIO surpassed the U.S.-based Lucid Motors in Market cap becoming the third biggest EV maker after Tesla and BYD. On Monday, NIO stock opened higher at $18.99 and immediately saw buy pressure gapping up to a new 6-weeks high of $19.80 resulting in a Market Cap value of $31.482 billion. In parallel, Lucid stock went down to $18.80 per share which, considering the 1.67 billion shares outstanding, results in a market cap value of $31.412 billion.

NIO will hold a conference to officially launch the new SUV model NIO ES7 on June 15, at 20:00 in Shanghai timezone. The company will start receiving reservations on the evening of the conference and the orders will start to be locked in July with the first deliveries expected as soon as the end of August.

Written by Cláudio Afonso | | LinkedIn | Twitter