The NIO ES8 starts at 448,000 yuan ($68,000), compared to Tesla’s Model X priced at 836,000 yuan ($127,000).
Similar to Tesla, NIO is offering an in-car artificial intelligence system, and a charging portal, enabling customers to change their car batteries within a few minutes.
Lihong Qin, the President of Nio, said that he plans to target the middle class in the big cities in China. He predicts that the market will double in size in the next four to six years. However, he said that the company does not wish to go head-to-head with Tesla.
“Of course, we can compete against Tesla, technologically and product-wise […] But there is no winner-take-all rule in this industry.”
Tesla has a major market in China. Revenues were over $1.5bn from the country in the first nine months of this year, up from $570m in the same period last year. Nio is just three years old with over 4,000 employees. It plans to expand its charging network across China, aiming for 1,100 stations
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