Nio Readies Its Tesla Model Y Rival

Tesla’s Chinese rival Nio rolls out its new mid-large SUV electric vehicle ES7.

Tesla’s  (TSLA) – Get Tesla Inc. Report popular Model Y SUV has been a successful seller for the leading electric vehicle maker, as the vehicle along with the Model 3, have represented 95% of the company’s production and deliveries in the first quarter

The Model Y SUV is so popular that days after it introduced the EV to the Australian market on June 10 it had to push back delivery dates for the vehicle, which retails in the U.S. starting at $54,440, from August through November 2022 to February 2023 to May 2023.

One thing is certain if you plan to buy a Tesla, you’ll need to be patient and wait to receive your EV. Tesla’s website says that current orders of Model Y SUVs have an estimated delivery date sometime from January 2023 through April 2023.

Such popularity for the Tesla Model Y might send consumers looking for another EV company to buy an SUV. Chinese EV maker Nio  (NIO) – Get NIO Inc. American depositary shares each representing one Class A Report hopes to satisfy impatient consumers as it on June 15 rolled out its ES7 smart electric mid-large SUV, according to a company statement.


Nio’s ES7 SUV Ready for Delivery in August

The ES7 has a starting sale price of 468,000 Chinese Yuan or about $69,700. Preorders started June 15 on the Nio app and deliveries are expected to begin Aug. 28.

Shares of Nio responded well to the rollout of the new SUV as the stock closed 7.77% higher at $20.11 and continued rising another 2.14% in after-hours trading to $20.54.

Nio presents a challenge to Tesla’s autopilot and Full Self-Driving features, as it introduces Nio Autonomous Driving, which it says will gradually achieve a safe, reassuring, point-to-point autonomous  driving experience on highways, in urban areas, parking and battery swapping.

The EV maker envisions an interior “second living room” with a spacious cabin, a double S-shaped instrument panel with use of sustainable rattan. Front seats have heating, ventilation and massage functions. Heated rear seats are also standard with power-adjusted seatbacks.

Nio SUV Includes Updated Digital Technology 

The company also introduced its Nio Digital System for Evolving Smart Technology that includes smart hardware, computing platform, operating system, smart algorithms and smart applications.

Nio ES7 includes its standard PanoCinema, an AR/VR compatible digital cockpit system. Nio and NREAL, an innovative AR device company, developed custom AR glasses that can project an effective 201-inch screen at 6 meters. The Nio package includes additional 256-color digital waterfall ambient lighting and the 7.1.4 Dolby Atmos surround sound system, presenting PanoCinema’s immersive visual and audio experience in the exclusive space of the ES7.

Nio ES7’s China Light Duty Vehicle Test Cycle range reaches 301 miles with a 75 kWh battery, 385 miles with a 100 kWh battery and 528 miles with the 150 kWh ultralong range battery. ES7 drivers can relieve their range anxiety with a combination of its at-home power charging Power Home, Power Charger and a nationwide network of about 1,000 Power Swap stations. 

At a June 15 product launch event, Nio also premiered its 2022 ES8, ES6 and EC 6 models that are equipped with the Nio Alder Digital System. The upgraded system includes a digital cockpit controller, sensor hardware with enhanced computing/sensing capabilities, and greater flexibility for future functions.  

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