Nio has unveiled its first premium sedan, the ET7, with deliveries starting Q1 2022. The Nio ET7 onboard computer is powered by Nvidia processors, with more processing power than Tesla’s. Nio also introduced new battery replacement stations – a faster alternative to charging stations.
Nio (NIO) shares, which have risen 1600% in the past 12 months, surged to a new high in the last 52 weeks prior to Monday trading.
The stock rally in non-trading hours is the reaction of investors to the first Nio ET7 premium sedan with panoramic roof, which analysts predict will compete with Tesla (TSLA) in China, unveiled at NIO Day on Saturday.
Pre-orders for the ET7 started on Saturday, with the company’s management pledging to begin shipping in the first quarter of 2022.
However, according to Nio founder and chairman William Lee, “it will take longer to get ready for mass production.”
The standard version of the Nio ET7 has a price (excluding government subsidies) of $ 69,184 (448,000 yuan) and a cruising range of 500 km. with a 70 kW / h battery.
The premium ET7 version, priced at $ 82,745 (536,000 yuan), can travel up to 700 km thanks to its 100 kWh battery.
The extended ET7 has a claimed 1,000km range on a single charge using a 150kWh battery, price has yet to be disclosed. The sedan accelerates from standstill to 100 km / h in just 3.9 seconds.
At the same time, the price of the ET7 electric car will drop to $ 58 thousand if the client chooses a monthly fee of $ 151 per month for renting batteries.
Nio’s competitors – Shanghai-made Tesla Model Ys have a starting price range of $ 52,472 – $ 57,103 (339,900 – 369,900 yuan), Model 3 will start at $ 38,439 (249,000 yuan) after subsidies. Model Y has a maximum range of 594 km.
Thus, ET7s are inferior to Tesla in price, but they have batteries with higher capacity, as well as the ability to use NIO stations to replace batteries. Nio said it expects 500 of its replacement stations to be operational by the end of 2021.
These dedicated NIO stations in China give customers the ability to quickly replace a dead battery with a fully charged one, saving time compared to recharging at a charging station.
According to Nio founder William Lee, the Nio ET7 electric vehicle also has a more advanced fully automatic driving system, thanks to Nvidia processors (NVDA), lidar sensors and 8-megapixel HD cameras.
According to Li, the computing power of the onboard computer system is seven times that of the Tesla FSD.
“A dynamic 4D system with high-precision maps and sensors can actively adjust the vehicle’s suspension by detecting bumps in the road ahead of time,” Li said in his presentation.
To get full autopilot in Nio ET7, the customer will also have to pay a monthly fee of $ 105 per month.
Nio, along with other Chinese electric vehicle startups Xpeng (XPEV) and Li Auto (LI), reported sharp increases in electric vehicle shipments in December and the fourth quarter as a whole, signaling a recovery in car sales and the economy in China after the pandemic. Nio executives also previously said they would begin international shipments from Europe in the second half of 2021.
According to Lee, Nio “does not see Tesla as a major competitor,” but aims to squeeze out rivals such as the BMW X3 and Audi Q5 gasoline-powered SUVs in the coming years.
“As competitors, we are targeting well-known brands with an internal combustion engine,” Lee said during a media briefing after the ET7 presentation.