Chinese manufacturer of electric vehicles (EV) NIO (NYSE: NIO) unveiled its new ET7 luxury sedan at the “NIO Day” in 2021 this weekend and made it clear Tesla (NASDAQ: TSLA) will face more competition for its Shanghai-made vehicles.
The ET7 is available early next year and has intricate features. The sleek exterior features autonomous driving sensors, a “crystalline heartbeat” tail light, a glass roof and a digital access system that extends the flush handle, and automatically releases the door’s “e-latch” as the driver approaches.
NIO ET7 sedan available from early 2022. Image source: NIO.
The founder and chairman of NIO, William Li, described the interior as a second living concept. The design contains renewable rattan, a natural alternative to plastic, which has a distinctive natural texture. Li described the tropical material as a ‘natural and green experience’.
The ET7, which is the first sedan from NIO, has a larger 150 kWh battery. According to the company, it will reach about 621 miles. This is beyond Tesla’s Model S maximum range of 402 miles, as well as the Lucid Motors Air sedan range of 517 miles.
The Chinese EV market is rising fast. NIO recorded record deliveries of 17,353 vehicles in the fourth quarter – more than double the previous year. Chinese competitors Li Auto and XPeng also announced record deliveries. China’s Largest Manufacturer, Warren Buffett Supported BYD (OTC: BYDDY), sold more than 77,000 EVs in the fourth quarter.
Tesla is also expanding its offering in the country as it begins manufacturing the Model Y SUV at its factory in Shanghai. Before any subsidies, and with the smaller 70 kWh battery, NIO’s new ET7 will start at around $ 69,000.