China's Nio Unveils Car At Half The Price Of Tesla Model X

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Nio's ES8's starting price is half of Tesla's Model X, totaling to $67,765 compared to the Model X cost of $126,470. We'll see over the next months how this is selling and whether or not Tesla tries to compete on price. ES8 is also equipped with Mobileye NV's EyeQ4 chip, the ES8 also employs NOMI, an artificial intelligence system with functions ranging from adjusting the in-car temperature to communicating with the driver and taking photos. The seven-seat vehicle will be able to accelerate to 100km per hour in 4.4 seconds. However, a battery rental plan provides a discount of RMB 100,000 on the purchase price of the NIO ES8.

The company is working on expanding its charging network across the country, with a goal of 1,100 stations by 2020. While Tesla has sold its cars in China for a few years, they aren't eligible for these incentives and subsidies because they're imported.

China is now the world's biggest electric vehicle market, surpassing the United States.

To address difficulties around charging, NIO also unveiled NIO Power, a charging experience that allows the ES8's battery to be swapped in three minutes, in addition to traditional charging methods. "It's hard to say". In this situation, the monthly rent is pretty high - $200 - but it also includes access to the battery swap system, making it the best solution for those who cover a lot of miles daily.

China's state-backed fervour to push the EV market and its technology has attracted worldwide giants such as BMW and Volkswagen to join the frayalongside Chinese tech titans Baidu, Alibaba and Tencent.

Grid View
Grid View

Chinese Electric Vehicle startup, NIO, is releasing its Tesla rival in 2018 - and it's unbelievable. Sales of new-energy vehicles jumped 51.4 per cent from January to November this year, Reuters reported, citing the country's auto industry association.

NIO was founded in 2014 as NextEv by William Li.

"I doubt Tesla will offer similar services in China", said Li. We will not set a specific deadline for an IPO, rather it will depend on the development of the company.

Formerly known as NextEV, the Tencent-backed NIO is one of many Chinese EV startups incentivized by the Chinese government to create more momentum in the local EV market, which is already the largest in the world, having overtaken the United States past year. "Right now we don't have information to share on that", Li told CNBC.

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