Nio Launches 5-Seater SUV to Rival Domestic Manufacturers, Deliveries to Start in August

Chinese electric carmaker Nio Inc launches a five-seater SUV in a bid to close the sales gap with local competitors Xpeng Inc. and Li Auto Inc.

Source: Bloomberg

NIO up +5.28%, LI up +0.15%, XPEV up +5.20%

The SUV named ES7 will start retailing at 468,000 yuan ($69,700) with a driving range of 485 kilometers (300 miles).

The car will also comprise the latest autonomous driving technologies developed internally with a number of high-performance sensing units and four Nvidia Orin chips.

Apart from rivaling local electric models, Tesla Inc. provides its Model Y at a more affordable price of 316,900 yuan in China.

William Li, Chief Executive Officer of Nio, stated that the vehicle, beginning deliveries in August, might be the fastest delivery from launching.

Nio has long established itself as a premium car maker catering to the needs of middle-class consumers. The model is one of the first certified passenger vehicles in China able to tow a trailer or a caravan.