Nio Inc’s (NYSE: NIO) LiDAR supplier Innovusion said on Wednesday it will equip the electric vehicle maker’s ET7 sedan with a “high-performance product” that can detect up to 500 meters, cnEV post reported.
What Happened: Bao Junwei, co-founder and Chief Executive Officer at Innovusion said its LiDAR technology works on the L3 and L4 autonomous driving and complements the L2 autonomous driving.
See Also: Nio Wins Key EWVTA License For ES8, Says Will Serve As ‘Essential Foundation’ For Europe Expansion
Nio is expected to begin deliveries of its premium electric sedan ET7 in the first quarter of next year. The Chinese electric vehicle maker, which revealed ET7 earlier this year, is eyeing international expansion after establishing itself in China.
Lidar, short for light detection and ranging sensors, uses laser light pulses to help vehicles perceive their surroundings. The technology is increasingly being seen as a key for automakers having self-driving ambitions.
price Action: Nio shares closed 3% lower at $45.15 on Tuesday.
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