Nio, Tesla's China Rival, Unveils New Electric Sedan ET7
Chinese electric-car maker Nio on "Nio Day" unveiled its first sedan ET7 in direct competition with Tesla'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 is coming off a stellar 2020. In the early months of last year, the automaker looked to be running out of cash having spent heavily on marketing and splashy showrooms for its ES8 and ES6 electric SUVs. But in April, it received a $1 billion investment from entities led by the municipal government of Hefei and in July, a $1.5 billion credit line from Chinese banks.
Notwithstanding, Nio's new sedan will go head-to-head with Tesla's best-selling Model 3, of which more than 120,000 were sold in China last year. The Palo Alto, California-based company also started selling its roomier China-made Model Y SUV on Jan. 1, which starts from 339,900 yuan.
