Look Out Tesla, Here Comes Nio

Look Out Tesla, Here Comes Nio

Look Out Tesla, Here Comes Nio

NIO has revealed the new ES8 all-electric SUV.

That price is about half of what Tesla's Model X retails for in China, and that's before subsidies and incentives that can bring down the cost of the ES8 by at least another $6,600.

Shanghai-based startup NIO is the latest Chinese company to try to get in on the action.

Nio founder and chairman William Li told CNBC over the weekend that it was "hard to assume" how the ES8 will affect Telsa's sales in China. The company flew in thousands of reservation holders to see the vehicle in person. A technology leader across several automotive product areas, Magna is able to combine expertise in hybrid and electric powertrains, a vehicle's overall body and structure, and lightweighting solutions using a range of both metallic and plastic/composite materials.

These companies have been supported by the Chinese government, which has given electric vehicle manufacturing licenses to promote non-emission vehicles as part of its efforts to cut dependence on oil imports and cut pollution.

The SUV comes with Nio Pilot, a driver-assistance system.

The Chinese electric auto manufacturer has launched the new seven-seat SUV with a very competitive price.

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These so-called "Power Mobile" vehicles will give NIO cars enough electricity to drive 100 kilometers from just a 10-minute charge.

The startup plans to build more than 1,100 power-swap stations in China by 2020 and have more than 1,200 "Power Mobile" service vehicles. But Li said there's no hard date in place for an IPO.

The company is also reportedly getting US$1 billion in a new round of funding led by Tencent, which has also invested in Tesla.

NIO's ES8 is now on pre-sale, so customers can sign up to reserve the initial shipment of vehicles, which is expected to come out starting in the first half of 2018.

He said the current price of the ES8 was already letting the company enjoy a "reasonable profit margin" and that this margin would increase as the company grows.

Though presenting itself as a "global start-up" with more than 4,000 employees across about 40 countries, NIO's current focus is still on the China market.

Qin Lihong, the company's president, said it has a production capacity to make 50,000 to 100,000 units a year through its cooperation with JAC Motors, a vehicle manufacturer headquartered in China's central Anhui province.

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