Bloomberg News
June 15, 2022
Chinese electric carmaker Nio Inc. unveiled a five-seater SUV as it seeks to close the sales gap with local rivals Xpeng Inc. and Li Auto Inc. and other competitors.
Named ES7, the car will start at 468,000 yuan ($69,700) with a driving range of 485 kilometers (300 miles), the Shanghai-based automaker said during an online launch event Wednesday.
The car will also feature the latest autonomous driving technologies in-house developed with several high-performance sensing units and four Nvidia Orin chips. Aside from competing with home-grown electric models, Tesla Inc. offers its Model Y at a more affordable 316,900 yuan in China.
The vehicle, starting deliveries in August, “might be our fastest delivery from unveiling,” Chief Executive Officer William Li said at the event.
Nio has long labeled itself as a premium car producer catering to middle class consumers. This model, with an optional electric tow bar, is one of the first certified passenger vehicles in China to be able to tow a caravan or a trailer.
The company is betting the car will boost sales after lagging rival EV upstarts Xpeng and Li Auto while second-quarter sales and revenue missed analyst forecasts. The company’s US-listed shares have plunged 41% this year.
All three Chinese EV makers trail Tesla, which produced more than 180,000 Model 3 sedans and Model Y SUVs at its Shanghai factory in the same period, with 60% entering the domestic market.
— With assistance by Charlie Zhu, and Chunying Zhang