Nio’s ES7 sports utility auto adds yet another competitor to Tesla’s Product X and Product Y in China.
Nio on Wednesday launched the ES7 sports utility vehicle as competition with Tesla intensifies in China.
The ES7 adds a further competitor to Tesla’s Product Y and Design X in China as the competition in the electrical SUV room ramps up.
Nio is trying to differentiate its electric SUV by highlighting the technology attributes of the motor vehicle.
This includes Nio Autonomous Driving, the company’s system that powers some semi-autonomous driving options.
The company also highlighted its infotainment system which includes a 23-speaker surround-audio configuration in the motor vehicle.
Nio’s ES7 comes in three different range capabilities depending on the battery size — 485 kilometers, 620 kilometers and 930 kilometers.
The ES7 with the 485-kilometer range starts from 468,000 Chinese yuan ($69,693) prior to subsidies. The longest variety model starts off at 526,000 yuan prior to subsidies.
Pre-orders have begun with deliveries expected to begin in August.
Shares of Nio ended up up extra than 4% on Wednesday.
Nio said the ES7 is one of the first certified passenger cars in China to be able to tow a caravan or trailer.
Nio and its peers have been battling with current source chain disruption that has been worsened by a resurgence of Covid-19 in China and subsequent lockdowns in and about important production hubs in the state.
The organization reported a increase in very first-quarter earnings although its decline widened. When creation was hampered in April and May, the company’s second-quarter supply outlook suggests a bounce back in June.
Tesla meanwhile has also been struggling with output at its critical China manufacturing unit in Shanghai, which has been gripped by a particularly prolonged lockdown.