Nio delivers its first batch of ET7 electric sedans.

• On Monday, customers at Nio's China headquarters received the first batch of ET7s.
• An electric sedan with advanced technology, including a lidar sensor for self-driving, is the ET7.
• Nio plans to launch two more new models before year-end.

On Monday, the Chinese electric vehicle manufacturer confirmed that it had started delivering its new luxury sedan, the ET7, on schedule, resulting in a sharp increase in the price of its U.S.-traded shares.

On Monday, Nio's shares ended at $21.21, representing a 6.5% increase for the day.

On Monday, the company delivered the first batch of ET7s to customers during an event at its headquarters in Hefei, China.

Nio has started providing test drives for preproduction ET7s in early March. The company announced on Monday that more than 80 cities have tried the ET7, and the orders following test drives have been higher than expected. Nio did not disclose the number of orders received for the new model.

The ET7, Nio's first electric vehicle utilizing the company's second-generation architecture, NT2.0, boasts enhanced computing power, enabling advanced driver-assist systems. Two additional Nio models, the ET5 sedan and ES7 SUV, will be introduced later this year, also built on the NT2.0 architecture.

The ET7 is equipped with a suite of cameras and sensors, including an integrated lidar sensor, to support Nio's advanced driver-assist system and eventually fully autonomous driving.

ET7 owners in certain regions will have access to an automated highway-driving system similar to Tesla's Autopilot starting in the fourth quarter of 2022, as confirmed by Nio.