It appears that some new competition has arrived at Tesla’s doorstep, after Chinese electric-car maker Nio Inc unveiled a new EV model and updated battery technology over the weekend.
At the company’s annual “Nio Day” event on Saturday, the Chinese automaker revealed details surrounding its newest EV sedan, called ET7, which is expected for delivery in the first quarter of 2022. The company’s first-ever sedan will come with a price tag of US$69,193, and is a likely rival to Tesla’s Model 3.
Alongside the expected unveiling of Nio’s sedan model, the company also introduced a 150 kilowatt-hour battery pack, which is an update from the previous 100kWh battery pack released back in November. The new battery pack boasts a range of 625 miles on a single charge, compared to Tesla’s Model 3 range of 263 miles. Moreover, the Chinese EV maker also reiterated details surrounding its battery-swap station, which will allow drivers to switch out batteries in their vehicles rather than wait for them to recharge.
Following “Nio Day,” the company’s stock soared by nearly 10% on Monday. Meanwhile, other EV stocks suffered a decline – including Tesla – which fell by nearly 5%. Nio’s market cap now sits at approximately US$104 billion, which surpasses the combined value of major automakers Ford and GM.
Information for this briefing was found via Nio Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.