Nio’s ES7 sport utility vehicle adds another competitor to Tesla’s Model X and Y in China.
Nio launched the ES7 sport utility vehicle on Wednesday as competition with Tesla intensifies in China.
The ES7 adds another competitor to Tesla’s Model Y and Model X in China as competition in the electric SUV space intensifies.
Nio tries to differentiate its electric SUV by highlighting the technological characteristics of the vehicle.
This includes Nio Autonomous Driving, the company’s system that powers some semi-autonomous driving features.
The company also highlighted its infotainment system which includes a 23-speaker surround sound setup in the car.
Nio’s ES7 comes in three different range capacities based on battery size – 485 kilometers, 620 kilometers and 930 kilometers.
The ES7 with the 485 kilometer range starts from 468,000 Chinese yuan ($69,693) before subsidies. The longest range version starts at 526,000 yuan before subsidies.
Pre-orders have started and deliveries are expected to begin in August.
Shares of Nio rose more than 4% on Wednesday.
Nio said the ES7 is one of the first certified passenger cars in China that can tow a caravan or trailer.
Nio and his peers have grappled with an existing supply chain disruption that has been compounded by a resurgence of Covid-19 in China and subsequent shutdowns in and around the country’s major manufacturing hubs.
The company reported an increase in revenue in the first quarter, although its loss widened. While production was hampered in April and May, the company’s second-quarter delivery outlook suggests a rebound in June.
Meanwhile, Tesla has also struggled with production at its main Chinese factory in Shanghai, which has been struggling with a particularly long lockdown.