Nio unveils mid-range SUV to catch up to Chinese rivals

CHINESE electric carmaker Nio unveiled a 5-seater SUV as it seeks to close the sales gap with local rivals Xpeng and Li Auto and other competitors.

Named ES7, the car will start at 468,000 yuan (S$96,643) with a driving range of 485 kilometers, the Shanghai-based automaker said during an online launch event Wednesday (Jun 15).

The car will also feature the latest autonomous driving technologies in-house developed with several high-performance sensing units and 4 Nvidia Orin chips. Aside from competing with home-grown electric models, Tesla offers its Model Y at a more affordable 316,900 yuan in China.

The vehicle, starting deliveries in August, "might be our fastest delivery from unveiling", chief executive officer William Li said at the event.

Nio has long labeled itself as a premium car producer catering to middle class consumers. This model, with an optional electric tow bar, is one of the first certified passenger vehicles in China to be able to tow a caravan or a trailer.

The company is betting the car will boost sales after lagging rival EV upstarts Xpeng and Li Auto while second-quarter sales and revenue missed analyst forecasts. The company's US-listed shares have plunged 41 per cent this year.

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All 3 Chinese EV makers trail Tesla, which produced more than 180,000 Model 3 sedans and Model Y SUVs at its Shanghai factory in the same period, with 60 per cent entering the domestic market. BLOOMBERG