Nio Chairman and CEO William Li speaks at the Nio Day event in Chengdu, China, on Jan. 9, 2021.
Chinese EV startup Nio Inc – ADR NIO unveiled its first-ever sedan at the Nio Day event held in Chengdu on Saturday. The company is taking aim at high-end competitors with the technology, performance and user experience features it announced.
What Happened: The premium-priced ET7 sedan is positioned against cars from traditional luxury automakers such as Bayerische Motoren Werke ADR BMWYY and Daimler ADR's DMLRY Mercedez Benz and Audi units, which is majority owned by Volkswagen A G Unsponsored Represent 1 10th Sh ADR VWAGY. That's according to Nio founder, Chairman and CEO William Li, who spoke after the event, as reported by Chinese media outlet Sina.com.cn and in English by cnTech Post.
The ET7 could even be a competitor to the car that Apple Inc AAPL is rumored to be contemplating, Li reportedly said.
The ET7 will not go up against Tesla Inc's TSLA Model S, as both are not in the same class, just as Nio's ES8 and ES6 SUVs are not pitched against the Model X, according to Sina.com.cn.
Click here to check out Benzinga's EV Hub for the latest electric vehicles news.
Separately, Nio cofounder and President Lihong Qin said, according to a tweet by Moneyball, that the company is not facing mass order cancellations now that Tesla has begun accepting orders for its China-made Model Y.
Qin reportedly said the company's customers wait six to eight weeks for its vehicles and that there has been no large-scale order cancellation, contrary to some media reports.
Benzinga's Take: Nio's ET7 is billed as a best-in-class sedan, with the only shortcoming being its premium pricing.
Given burgeoning demand for EVs in China, Nio's increasing brand recognition and the company's innovative schemes such as Battery-as-a-Service and Autonomous Driving-as-a-Service that reduce costs for customers, the ET7 is likely to see a fairly robust uptake.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.