William Li, Chairman and CEO, speaks at the Nine Day event in Chengdu, China, on January 9, 2021.
Chinese EV startup Nio Inc – ADR (NYSE: NIO) launched its first ever sedan at the Nine Day event held in Chengdu. The company targets high-end competitors with the technology, performance and user experience features it has announced.
What happened: The premium ET7 sedan has been posted against cars from traditional luxury car manufacturers such as Bavarian Motors Works ADR (OTC: BMWYY) and Daimler ADRs (OTC: DMLRY) The majority owned Mercedes-Benz and Audi units Volkswagen AG unsupported representative 1 10th Sh ADR (OTC: VWAGY). This is according to the founder, chairman and CEO of Nio, William Li, who spoke after the event, as reported by the Chinese media Sina.com.cn and in English by cnTech Post.
The ET7 could even be a competitor to the car that Apple Inc. (NASDAQ: AAPL) is allegedly considering, Li apparently said.
Related link: Nine will match vehicle prices until January 10 with China’s plan of 20% EV subsidy in 2021
The ET7 will not perform Tesla Ingsay (NASDAQ: TSLA) Model S, as both are not in the same class, just as Nio’s ES8 and ES6 SUVs are not pitched against the Model X, according to Sina.com.cn.
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Separately, Nio co-founder and president Lihong Qin said according to a tweet from Moneyball, that the company is not experiencing mass cancellations now that Tesla has started accepting orders for its China-made Model Y.
According to Qin, the company’s customers waited six to eight weeks for its vehicles and that there was no major cancellation of orders, other than in the media.
Benzinga’s name: Nio’s ET7 is considered the best sedan in the class, and the only shortcoming is the premium price.
Given the growing demand for EVs in China, Nio’s increasing brand recognition and the company’s innovative schemes such as Battery-as-a-Service and Autonomous Driving-as-a-Service that reduce costs for customers, the ET7 is likely to be a reasonable have robust position. recording.
Related link: Tesla launches $ 25,000 EV sedan in China by 2022: Report
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