NIO Inc. (NYSE:NIO) shares are trading lower on Tuesday. The firm revealed that its advanced steer-by-wire system, featured in the ET9 executive sedan, has secured a key regulatory approval in Europe, reports CnEV Post, citing a statement from CEO William Li on Weibo.

This development positions the electric vehicle manufacturer as a global frontrunner in deploying next-generation driving technologies.

The SBW technology on the ET9 has received the E-Mark certification under the United Nations Economic Commission for Europe framework, following assessment by the Spanish automotive certification group Applus IDIADA.

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This marks the first time the organization has endorsed an SBW-enabled vehicle in the region.

NIO launched the ET9, its most premium offering to date, during Nio Day 2024.

Priced at RMB 788,000 (approximately $109,560), the four-seater sedan began reaching customers in China at the end of March, CnEV Post adds. The company delivered 810 units in April, its first full delivery month, according to CnEVPost data.

Alongside the ET9 milestone, NIO is refreshing several key models in its lineup.

Beginning May 10, customers in China can place pre-orders for updated versions of the ES6 SUV, EC6 coupe SUV, and the ET5 and ET5 Touring sedans. Showrooms will simultaneously unveil the revamped ES6 and EC6 models.

NIO recorded 23,900 vehicle deliveries in April, a 53% year-over-year increase.

The surge in shipments indicates strong demand, even as the company invests in innovative features like SBW and explores international market opportunities.

Price Action: NIO shares are trading lower by 2.02% to $4.115 at last check on Tuesday.

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