Chinese electric carmaker Nio Inc. unveiled a five-seater crossover as it seeks to close the sales gap with local rivals Xpeng Inc. and Li Auto Inc. and other competitors.
Named ES7, the light truck will start at 468,000 yuan ($69,700) with a driving range of 485 kilometers (300 miles), the Shanghai-based automaker said during an online launch event Wednesday.
The ES7 will also feature the latest autonomous driving technologies in-house developed with several high-performance sensing units and four Nvidia Orin chips. Aside from competing with home-grown electric models, Tesla Inc. offers the Model Y at a more affordable 316,900 yuan in China.
The ES7, slated to go on sale in August, “might be our fastest delivery from unveiling,” Nio CEO William Li said at the event.
Nio has long labeled itself as a premium EV producer catering to middle class consumers. The latest model, with an optional electric tow bar, is one of the first certified passenger vehicles in China to be able to tow a recreational vehicle, camper or 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 U.S.-listed shares have plunged 41 percent this year.
All three Chinese EV makers trail Tesla, which produced more than 180,000 Model 3 sedans and Model Y crossovers at its Shanghai factory in the same period, with 60 percent entering the domestic market.