Nio Inc (NYSE:NIO) has officially unveiled their electric station wagon, named the ET5 Touring. The electric station wagon was developed with the European market in mind with the aim of rivaling BMW, Porsche, and other premium automakers.

NIO says the model is now open for ordering in China, and deliveries are slated to commence on June 16, 2023. European customers can expect deliveries to begin in the fourth quarter of this year. The electric vehicle manufacturer also has plans to enhance the availability of battery swap services in the region.

Based on the ET5 sedan, the Touring model is extended, with the rooflines connected at the rear spoiler. The hatchback design adds functionality and space, with 1,300 liters of load space. The EV rides on its next-gen NT 2.0 platform with the same dimensions at 4,790 mm long, 1,960 mm wide, and 1,499 mm tall.

The model will be offered in three battery configurations. The first option is a 75 kWh version, priced at RMB 298,000 (RMB 1 = $0.1403), providing a range of 270 miles. The second option is a 100 kWh model, starting at RMB 356,000 (approximately $50,000), offering an extended range of 347 miles. Alternatively, customers in China can opt for the battery-as-a-service (BaaS) option, available at RMB 228,000 ($32,000).

Nio stock opened June 16 at $10.13 per share, its first trip over $10 since late March.

Shares of NIO are down 1.79% in early trading on Friday.