Tesla Inc rival Chinese EV maker Nio Inc NIO unveiled the ET9 executive sedan at the company’s Nio Day event on Saturday. The vehicle, priced at over $100,000, marks the company’s entry into the luxury EV segment.
What Happened: The sedan, with its land jet silhouette and a host of technologies developed by the EV maker, is expected to start delivery in the first quarter of 2025. Pre-sales have already started in China with a starting price of 800,000 yuan or $112,783.
The ET9 is pegged against Porsche’s Panamera E-Hybrid and Mercedes Benz’s Maybach plug-in hybrid S580e, both priced over a million yuan. The ET9, however, is a pure electric car and also the most expensive one developed by Nio since its founding in 2014.
Why It Matters: The company also announced that it will add 1000 battery swap stations and 20,000 chargers in 2024. Deployment of Nio’s power charger 4.0 and power swap station 4.0 will start deployment in April 2024, it added.
In the third quarter of this year, the company posted a net loss of 4.56 billion yuan (nearly $643 million),10.9% higher than the loss of 4.11 billion yuan it posted in the corresponding period a year ago.
However, the company delivered 55,432 vehicles in the last quarter, up by 75.4% year-on-year.
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Read More: Elon Musk Responds To Tesla User Who Called Full Self-Driving Feature ‘Awesome’: ‘Feels Like Magic…’
Nio Photo by Sundry Photography on Shutterstock
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