According to a post on NIO App from a ET7 model owner, the recently acquired sedan ” lost power and the brakes failed” while driving. The customer added that all the electrical equipment failed, and the double flash could not be turned on.
“Suddenly, the whole vehicle lost power and the brakes failed. It could only stop slowly by inertia. All electrical equipment failed, and the double flash could not be turned on, let alone the tripod in the trunk,” he said.
BE THE FIRST ONE TO GET THE NEWS
NIO’s senior director of product quality, William Yao, commented the post confirming that the EV maker had received two reports of this issue and started to investigate.
“Our quality team takes this very seriously and has set up an investigation team at the first opportunity. The fault is indicated on the vehicle’s dashboard, but it is not conspicuous enough to effectively guide the user to stop driving and pull over,” he said.
After the failure, the vehicle will run out of low voltage battery power if it continues to drive for about 10-15 minutes, which will cause the vehicle to stop,” Yao added.
“The problem with the failure of the low-voltage battery charging module is a small probability, and NIO will obtain the parts related to it and analyze it together with its partners as soon as possible”, he said. According to Yao, the company will release a new software version to fix the problem with all ET7 vehicles delivered from June 13 using already the updated version
On Sunday, Macquarie analyst Erica Chen released a new note on NIO after the Chinese electric vehicle maker reported the financial results for the first quarter of 2022. Chen lowered the firm’s price target on NIO shares to $27.40 (from $28.30) maintaining an Outperform rating.
Also Citi analyst Jeff Chung released a new note reiterating the firm’s $87 price target on NIO shares, an upside potential of 362.3% from the previous closing price. The firm had raised NIO‘s price target back in November 2021 from $70 to $87.
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.