Electric car startup Nio is planning to battle Tesla in the most lucrative market for battery-powered vehicles: China.
Nio will sell its electric SUV, the ES8, in China in early 2018. The move puts the startup in direct competition with Tesla as it looks to gain traction in the country.
China had more electric car sales than Europe and the US in both 2015 and 2016 and has also exhibited faster sales growth.
Tesla has tripled its revenue in China to $1 billion in 2016, though it still makes more money in the US.
Chinese internet company Tencent acquired a 5% stake in Tesla in March, highlighting a vote of confidence in Tesla’s position in the world’s most populous country. Tencent has also invested in Nio.
Nio, which is based in Shanghai, is smart to introduce a large SUV at a time where demand for the vehicles is on the rise among affluent Chinese buyers. The startup has offices in Munich and San Jose and is led in the US by former Cisco CTO Padmasree Warrior.
We spoke to Warrior about the ES8 and what to expect — scroll down for a closer look:
SEE ALSO: Volkswagen just unveiled an electric SUV concept that could challenge Tesla’s Model Y
The electric SUV seats seven and comes with all-wheel drive, but Nio has yet to disclose any specs like horsepower, acceleration, or range. The startup said it will be priced in the same range as a premium car.
Nio has teamed up with JAC Motors, a Chinese car manufacturer, to manufacture the car in China in late 2017. The vehicle will come with a swappable battery.
The SUV features a digital instrument cluster and large infotainment console. Warrior said Nio is trying to become a leader in the connected car space by developing digital cockpits and an AI assistant that can control features in the car and the owner’s home.
Source: Business Insider
See the rest of the story at Business Insider
May 27, 2017 at 07:38PM
from Danielle Muoio
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