Chinese electric-car maker Nio Inc is pitting itself further against market leader Tesla Inc, unveiling its first sedan in direct competition with the US company’s most popular model and other international rivals.
The all-electric sedan ET7, released by Nio founder and chief executive officer William Li at a company event in Chengdu on Saturday evening, will start at 448,000 yuan ($69,193) before government subsidies. That compares with 265,740 yuan for an entry-level Tesla Model 3, built in China. Deliveries will start from the first quarter of 2022.
Nio also launched a bigger volume battery pack that can improve driving range, an upgraded autopilot system and the second iteration of its battery-swap station, a concept whereby people can change the battery in their vehicle rather than re-charge it. Nio targets reaching 500 power swap stations by the end of 2021.
Nio is coming off a stellar 2020. Its New York-listed shares finished the year up 1,112% and the company has begun reporting gross positive margins, having delivered 43,728 vehicles in 2020.