June 17, 2022: -On Wednesday, Nio launched the ES7 sports utility vehicle as competition with Tesla intensified in China. The ES7 is adding one more competitor to Model Y and Model X of Tesla as the competition in the electric SUV space increases in China.
Nio is attempting to differentiate its electric SUV by emphasizing the vehicle’s technology features.
This includes Nio Autonomous Driving, the system of the Company that powers some semi-autonomous driving features.
The Company emphasized its infotainment system, including a 23-speaker surround-sound design in the car.
Nio’s ES7 comes in three ranges relying on the battery size, 485 kilometers, 620 kilometers, and 930 kilometers.
The ES7 with the 485-kilometer range begins from 468,000 Chinese yuan before subsidies. The most comprehensive range version starts at 526,000 yuan before subsidies. Pre-orders have formed, with deliveries expected to start in August.
On Wednesday, shares of Nio stood up over 4%. According to Nio, the ES7 is one of the originally certified passenger cars in China to tow a caravan or trailer.
Nio and its peers struggle with existing store chain disruption that has been worse by a resurgence of Covid-19 in China and frequent lockdowns of crucial manufacturing hubs in the country.
The Company reported an increase in initial-quarter revenue though its loss widened. While production is hampering in April and May, the second-quarter delivery outlook of the Company suggests a bounce back in June.
Tesla has also been struggling with production at its key China factory in Shanghai, which a particularly lengthy lockdown has gripped.