Chinese Carmaker Takes on Tesla With an Electric SUV

NIO ES8

"Tesla is a company founded in the era of the internet while NIO was born in the era of mobile internet".

Nio is considering a US Initial Public Offering next year, Bloomberg reported on Friday, citing sources with knowledge of the matter.

The fierce battle for electric vehicle market share in China is backed by an aggressive drive by Beijing to cut severe - and politically-sensitive - air pollution in the country. To date, the company has raised more than $1 billion from investors led by Tencent Holdings Ltd. NIO is preparing for its next phase of growth in the world's biggest electric-car market. A technology leader across several automotive product areas, Magna is able to combine expertise in hybrid and electric powertrains, a vehicle's overall body and structure, and lightweighting solutions using a range of both metallic and plastic/composite materials. "Maybe Tesla will sell less.after our product is out". It also has an in-car artificial intelligence system called NOMI that can help regulate the temperature, take photos and play music based on voice requests. It sounds like NIO thought of everything, now all that's left is to actually go and deliver everything.

Building that infrastructure "will be a big challenge in China", Qin said.

The company is proposing ways to try to make it easier for its customers keep their cars charged, including a monthly subscription plan to rent batteries, and vans that function as mobile charging stations. And the high population density in larger Chinese cities means people can't install charging facilities in their own garages, he explained.

NIO ES8
NIO ES8NIO

To address difficulties around charging, NIO also unveiled NIO Power, a charging experience that allows the ES8's battery to be swapped in three minutes, in addition to traditional charging methods.

Meanwhile, many of China's top traditional carmakers are pouring resources into the technology, and a flurry of global auto giants have announced plans recently to make electric vehicles in China. The SUV, named the ES8, is going for 448,000 Chinese yuan ($67,765). NIO says its driver assistance system supports over-the-air updates so its vehicles can gain new features as they become available.

The company also wants to eventually expand sales beyond China, including to the U.S. It already has offices around the globe, including in California, London and Munich.

- Steven Jiang contributed reporting.

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