Chinese electric auto maker Nio launches with Tesla in its sights

NIO ES8 11

Chinese electric auto maker Nio launches with Tesla in its sights

The ES8 starts at 448,000 Chinese yuan (US$67,765), which is half the starting price of the 836,000 yuan (US$126,470) Model X in China. Also, they have a unique subscription that you pay per month that lets a customer pull into a station and have their battery pack replaced in 3 minutes with a fully charged pack.

Chinese start-up electric vehicle manufacturer Nio has launched the ES8, in an effort to compete with Tesla. The seven-seat vehicle will be able to accelerate to 100km per hour in 4.4 seconds.

NIO has revealed the new ES8 all-electric SUV. Nio plans to set up 1,100 such power-swap stations by 2020.

Founded by William Li and a group of internet entrepreneurs in 2014, NIO has raised more than $1 billion from investors led by Tencent Holdings also backed by investors including Baillie Gifford & Co., the second-biggest institutional investor in Tesla, Lone Pine Capital LLC, CITIC Capital Holdings Ltd. and China Asset Management Co.

In October, China's Ministry of Commerce confirmed that Tesla was negotiating with the Shanghai government to build a production facility in the country after reports surfaced that Tesla and the Shanghai government reached a deal to establish a wholly owned electric-vehicle factory in the city's free trade zone.

According to the Global EV Outlook 2017 report by the International Energy Agency, China was responsible for 40% of global electric vehicle sales in 2016, selling double the number of EVs sold in the United States. "It's hard to say", Li said.

Chinese electric auto maker Nio launches with Tesla in its sights

Nio also unveiled Nio Power, which will allow the ES8's battery to be swapped in three minutes.

It is also planning to offer mobile charging with vans equipped with battery packs and on-board chargers.

The state-supported push of the China EV market along with its technology has enticed global auto giants such as Volkswagen and BMW to join in along with tech giants from China - Alibaba, Baidu and Tencent.

Chinese Electric Vehicle startup, NIO, is releasing its Tesla rival in 2018 - and it's fantastic.

NIO, formerly known as NextEV, is among several startups to have sprouted in China in the wake of introduction of incentives for new-energy carmakers to help cut reliance on imported oil. And there is market speculation that NIO is eyeing an initial public offering next year, though Li declined to comment.

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