Chinese electric vehicle (EV) manufacturer NIO (NYSE: NIO) unveiled its new ET7 luxury sedan on 2021 “NIO Day” over the weekend, making it clear that Tesla (NASDAQ: TSLA) will have more competition coming in for its vehicles produced in Shanghai.
The ET7 will be available early next year and has some complex features. The stylish exterior includes autonomous steering sensors, a “crystal pulse” rear light, an all-glass roof and a digital entry system that extends the level handle and automatically releases the door’s “latch” as the driver approaches .
NIO ET7 sedan available from early 2022. Image source: NIO.
NIO founder and president William Li described the interior as a “second living room concept”. The design features renewable rattan, a natural alternative to plastics, with a distinct natural texture throughout. Li described the tropical material as providing a “natural and green experience”.
The ET7, which will be NIO’s first sedan, comes with a larger battery of 150 kWh. It will provide a range of about 621 miles, according to the company. This is beyond the maximum range of the Tesla Model S of 402 miles, as well as the Lucid Motors Range of the 517 mile aerial sedan.
The Chinese EV market is growing rapidly. NIO reported record fourth quarter deliveries of 17,353 vehicles – more than double the prior year period. Chinese competitors Li Auto and XPeng also announced record deliveries. China’s largest EV maker, backed by Warren Buffett BYD (OTC: BYDDY), sold more than 77,000 EVs in the fourth quarter.
Tesla is also increasing its offerings in the country by starting to produce the Model Y SUV at its Shanghai plant. Before any subsidy, and with the smaller battery, 70 kWh, the new ET7 from NIO will cost about US $ 69,000.