Dec 26, 2023: Following Nio’s unveiling of its flagship BEV sedan ET9 and the next-gen vehicle platform at the 2023 NIO Day event, Bank of America reiterated its Buy rating for the electric automaker, maintaining a 12-month price target of $11.00.
During the event held on December 23rd, NIO introduced the ET9, a 4-seater D-class sedan, positioned to compete directly with BMW’s 7 series, Mercedes-Benz S class, and Mercedes-Benz Maybach S680 in China.
The ET9 boasts cutting-edge vehicle technology, featuring NIO’s new autonomous driving chip and the Aquila 2.0, a 900V ultra-high-voltage charging platform, alongside a 46105 battery.
NIO also introduced its debut 5nm automotive processor, the Shenji NX9031, packing an impressive 50 billion transistors and 32-core CPUs, rivalling the computational capacity of four NVIDIA Drive Orin chips. This marks NIO as the second automotive manufacturer after Tesla to adopt its proprietary autonomous chip.
Enhanced by the Aquila 2.0 system and a suite of 31 sensors, NIO’s autonomous technology now incorporates two side lidars and a 4D radar, enabling a 350° angle coverage and safer driving in adverse weather conditions.
The ET9 EV will pioneer the use of a 900V charging platform in China, housing their high-energy 46105 large cylindrical battery cells with a remarkable energy density of 292Wh/kg. The battery supports rapid 5C charging, offering a 255km range after just a 5-minute charge on a 640kWh charging station.
Additionally, the company unveiled its fourth-gen battery swap station, equipped with 23 bays, capable of serving 480 vehicles daily, reducing service time by 22%. Plans are underway to commence the construction of these stations and 640kWh charging piles in April 2024.
NIO shares surged by 4.63% in pre-market trading on Tuesday following the announcements.