Chinese manufacturer of electric vehicles (EV) NIO (NYSE: NIO) unveiled its new luxury sedan ET7 at NIO Day in 2021 over the weekend, making it clear that Tesla (NASDAQ: TSLA) there will be more competition for Shanghai-made cars.
The ET7 will be available early next year and has some sophisticated features. The sleek exterior includes autonomous driving sensors, a “crystal heartbeat-like” taillight, an all-glass roof and a digital input system that expands the wash handle and automatically releases the “e-lock” on the door when the driver approaches.
NIO founder and chairman William Lee described the interior as a “second living room concept.” The design features renewable rattan, a natural alternative to plastics that has a distinctive natural texture everywhere. Lee described the tropical material as a “natural and green experience.”
The ET7, which will be NIO’s first sedan, comes with a larger battery of 150 kWh. According to the company, the company will provide mileage of about 621 miles. This is further from the Tesla Model S’s maximum range of 402 miles as well Lucid Motors Air sedan mileage of 517 miles.
The Chinese EV market is growing rapidly. NIO reported record deliveries for the fourth quarter of 17,353 vehicles – more than twice as much as in the previous year. Chinese competitors Li Auto and XPeng also announced record deliveries. China’s largest electric car maker, backed by Warren Buffett WORLD (UTS: YES), sold more than 77,000 EVs in the fourth quarter.
Tesla is also increasing its offerings in the country as it begins producing the Model Y SUV at its factory in Shanghai. Before any subsidies and with the smaller 70 kWh battery pack, NIO’s new ET7 will start at around $ 69,000.