Nio’s President and CEO, William Li, speaks at the Ni Day event in Chengdu, China, on January 9, 2021.
Chinese EV boot Nio Inc – ADR (NYSE: NIO) unveiled its first sedan at the Nio Day event held in Chengdu on Saturday. The company is targeting cutting-edge competitors with the technology, performance and user experience features it has announced.
What happened: The premium-priced ET7 sedan is positioned against cars from traditional luxury car manufacturers such as Bayerische Motoren Werke ADR (OTC: BMWYY) and Daimler ADR’s (OTC: DMLRY) Mercedez Benz and Audi units, which is majority owned by Unsponsored Volkswagen AG represents 1 10th Sh ADR (OTC: VWAGY). This is according to Nio’s founder, president and CEO, William Li, who spoke after the event, as reported by Chinese media Sina.com.cn and in English by cnTech Post.
The ET7 may even be a competitor to the car that Apple Inc (NASDAQ: AAPL) is rumored to be contemplating, Li would have said.
Related link: Ni to match vehicle prices by January 10, as China plans to cut 20% EV subsidy in 2021
The ET7 will not fight against Tesla Incin (NASDAQ: TSLA) Model S, as both are not of the same class, just as Nio’s ES8 and ES6 SUVs are not launched against Model X, according to Sina.com.cn.
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Separately, Nio co-founder and chairman Lihong Qin said, according to a tweet from Moneyball, that the company is not facing mass order cancellations now that Tesla has started accepting orders for its China-made Model Y.
Qin is said to have said the company’s customers wait six to eight weeks for their vehicles and that there has been no cancellation of orders on a large scale, contrary to some media reports.
Benzinga’s opinion: Nio’s ET7 is billed as the best sedan in its class, with the only shortcoming being its premium price.
Given the growing demand for EVs in China, the growing recognition of the Nio brand and the company’s innovative schemes, such as Battery as a Service and Autonomous Driving as a Service, which reduce costs for customers, the ET7 is likely to see a rather robust acceptance system.
Related link: Tesla to launch $ 25,000 EV Sedan in China by 2022: Report
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