AUTO

Chinese electric car startup Nio threatens Tesla’s market share from China.

Chinese electric car company Nio unveiled a Sedan et7 on Jan. 9. According to Nio, Sedan et7 possesses better self-driving technology features than Tesla’s electric models.

Sedan et7 prices start at 448,000 yuan (about 69,000 USD) with a 70 kilowatt / hour battery pack. If the customer chooses to pay for the battery service based on a monthly subscription fee of 980 yuan, the car is reduced to 378,000 yuan.

Information for the media, William Li, Founder and President of Nio, said the car will be delivered to customers in the first quarter of 2022. Customers are pre-ordered, starting from 9 / 1/2021.

Appears rival William Li, founder and president of Nio, sharing the et7’s features at a launch event in Chengdu, China, on January 9, 2021.

Nio’s et7 sedan can work with the company’s new self-driving driving system that has an 8-megapixel camera – compared to Tesla’s 1.2-megapixel and an Nvidia processor offering more processing power. Seven times Tesla’s fully autonomous handling system, claims William Li.

The automatic driving system costs 680 yuan a month, William Li said.

According to the Nio website, Model Y made by Tesla in China is expected to start shipping in early April at a price of 339,900 yuan.

Nio’s et7 sedan can operate over a distance of about 1,000 km. The new Nio sedan also gets a laminated glass roof, heated seats in both rows and 23 speakers.

While other Chinese electric vehicle companies see strong demand for their recently launched sedans, Nio has only SUVs on the market. Nio showed off a sedan prototype at the Shanghai Auto Show in April 2019, but struggled financially later that year.

After receiving about $ 1 billion from investors and state-backed in early 2020, Nio’s New York-listed shares began to recover and ended the year up more than 1,000%. The startup is expected to enter the European market as early as the second half of this year.

By 2020, Nio says its car sales have more than doubled from a 2019 year to 43,728.

That makes this automaker the best-performing auto manufacturer among Chinese electric car startups.

But the number of electric cars sold by Nio is still less than BYD, another Chinese electric vehicle maker backed by American billionaires Warren Buffett and Tesla’s Elon Musk.

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