Next year, Nio plans to unveil yet another electric vehicle.
Before government subsidies, the all-electric Nio ET5 will cost 328,000 yuan ($51,450) as a starting price.
Nio, a Chinese electric vehicle manufacturer, has unveiled the ET5, its second all-electric sedan, which is a direct competitor to Tesla’s most popular Model 3 sedan in the country. Nio ET5 is a follow-up to the EV company’s more expensive ET7 electric sedan, which is seen as a rival to Tesla’s Model S electric sedan.
Next year, Nio is expected to unveil yet another electric vehicle.
The all-electric ET5, which was unveiled at Nio’s annual Nio Day event in Suzhou, will be available in China beginning in September. It has a starting price of 328,000 yuan ($51,450) before government subsidies, and a leased battery costs 258,000 yuan. In China, the post-subsidy price of an entry-level Tesla Model 3 is 255,652 yuan.
Nio ET5’s base model has a range of 550 kilometres (342 miles) on a single charge. “Because Nio has long focused on sports utility vehicles, the ET5 is a key product for us… We had hoped for a model with a more reasonable price and a larger customer base., “In an interview with Bloomberg, Nio’s founder and CEO William Li stated.
Following a foray into Norway earlier this year, the Chinese EV manufacturer plans to expand its geographical footprint internationally. Next year, the Shanghai-based firm plans to expand into Germany, the Netherlands, Denmark, and Sweden, with a goal of reaching 25 countries by 2025, including access to the US market.
Despite facing headwinds due to the ongoing semiconductor chip crisis, the carmaker delivered 10,878 cars in November and a total of 80,940 units – all SUVs – in the first 11 months of this year. The company’s plans to list in Hong Kong were also hampered by the supply shortage.
The company intends to ramp up production of automotive chips in the middle or third quarter of next year, in the hopes of keeping the ET5 electric sedan on schedule.