Here’s what Nio’s first sedan to rival Tesla in China looks like

William Li, founder and chairman of Nio, shares options of the et7 sedan at a launch occasion in Chengdu, China, on Jan. 9, 2021.

Evelyn Cheng | CNBC

BEIJING — Chinese electrical automobile start-up Nio launched its first sedan on Saturday with self-driving expertise options that the corporate claims surpass that of Tesla.

Pre-subsidy costs for the et7 sedan begin at 448,000 yuan ($69,000) with a 70 kilowatt-per-hour battery pack. If prospects select to pay for battery providers based mostly on a 980 yuan month-to-month subscription payment, the automobile prices 378,000 yuan.

Deliveries are set to start in the first quarter of 2022, firm founder and chairman William Li stated at a launch occasion in Chengdu, China. Pre-orders started Saturday.

Nio revealed its first sedan, the et7, on Jan. 9, 2021.

Evelyn Cheng | CNBC

Nio’s et7 sedan can work with the corporate’s new autonomous driving system that options digital camera decision of eight megapixels — versus 1.2 megapixels for Tesla — and Nvidia processing chips that supply processing energy better than that of seven Tesla full self-driving computer systems, Li claimed.

The autonomous driving system prices 680 yuan a month, Li stated.

Tesla’s China-made Model Y is slated to start deliveries as early as April with a price ticket of 339,900 yuan, in accordance to the corporate’s web site as of Saturday.

The et7 claims a driving vary of 1,000 kilometers (621 miles). That’s greater than the 706 kilometer-range of Xpeng‘s P7 sedan, which the corporate claimed final yr was essentially the most for any electrical automobile in China.

Nio’s new sedan additionally incorporates a laminated all-glass roof, heated seats in each rows and 23 audio system, in accordance to the corporate.

While different Chinese electrical automobile corporations have seen sturdy demand for his or her not too long ago launched sedans, Nio solely has SUVs in the marketplace. The firm confirmed off a sedan prototype on the Shanghai Auto Show in April 2019, however bumped into monetary difficulties later that yr.

Nio’s et7 sedan incorporates a laminated all-glass roof, heated seats in each rows and 23 audio system, in accordance to the corporate.

Evelyn Cheng | CNBC

After receiving roughly $1 billion from state-backed traders in early 2020, Nio’s New York-listed shares started to recuperate and closed the yr up properly over 1,000%. The start-up plans to enter Europe as quickly because the second half of this yr.

For 2020, Nio stated deliveries greater than doubled from a yr in the past to 43,728 autos.

That made the automaker the very best performer amongst different New York-listed Chinese electrical automobile start-ups.

But Nio’s deliveries nonetheless fall quick of BYD, a Chinese automobile and battery firm backed by American billionaire Warren Buffett, and Elon Musk’s Tesla.

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