NIO Introduces New Luxury Sedan at “NIO Day”

Chinese electrical automobile (EV) maker NIO (NYSE: NIO) unveiled its new ET7 luxurious sedan at the 2021 “NIO Day” over the weekend, making it clear that Tesla (NASDAQ: TSLA) could have extra competitors coming for its Shanghai-produced autos.

The ET7 will likely be accessible early subsequent 12 months, and has some intricate options. The glossy exterior consists of autonomous driving sensors, a “crystal-like heartbeat” tail mild, all-glass roof, and a digital entry system that extends the flush deal with, and mechanically releases the door’s “e-latch” as the driving force approaches.

NIO ET7 sedan

NIO ET7 sedan accessible starting in early 2022. Image supply: NIO.

NIO founder and chairman William Li described the inside as a “second lounge idea.” The design options renewable rattan, a pure different to plastics, that has a particular pure texture all through. Li described the tropical materials as offering a “pure and inexperienced expertise.”

The ET7, which will likely be NIO’s first sedan, comes with a bigger 150 kWh battery pack. It will present a spread of about 621 miles, based on the corporate. That’s additional than Tesla’s Model S most vary of 402 miles, in addition to the Lucid Motors Air sedan vary of 517 miles.

The Chinese EV market is rapidly ramping up. NIO reported record fourth quarter deliveries of 17,353 autos — greater than double the prior 12 months interval. Chinese rivals Li Auto and XPeng additionally introduced file deliveries. China’s largest EV maker, Warren Buffett-backed BYD (OTC: BYDDY), bought greater than 77,000 EVs within the fourth quarter.

Tesla can be rising its choices within the nation, because it begins producing the Model Y SUV at its Shanghai manufacturing facility. Before any subsidies, and with the smaller, 70 kWh battery pack, NIO’s new ET7 will begin at about $69,000.

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