With deliveries starting in the first quarter of 2022, NIO Limited (NIO) has unveiled its first premium sedan, the ET7. The Nio ET7 onboard computer is equipped with Nvidia processors with a processing power higher than that of Tesla. A new station to replace the batteries has also been introduced by Nio as a quicker alternative to charging stations.
In the last 52 weeks before trading opened on Monday, NIO shares, up 1,600 percent over the past 12 months, rose to a new high.
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The increase in stock in non-trading time is a response by investors to the first Nio ET7 premium sedan with a panoramic roof presented on Saturday at the NIO Day event, which analysts say will compete with Tesla (TSLA) in China.
On Saturday, pre-orders for ET7 began, with the management of the company promising to start deliveries in the first quarter of 2022.
The basic version of the Nio ET7 is rated at $69,184 (448,000 yuan) (without state subsidies) and has a 500 km power reserve with a 70 kW/h battery.
Thanks to a 100 kW/h pack, the premium version of the ET7, priced at $82,745 (536,000 yuan), will fly up to 700 km.
The extended version of the ET7, without recharging, has a claimed range of 1000 km using a 150 kW/h battery and the price has not yet been disclosed. In just 3.9 seconds, the sedan accelerates from a standstill to 100 km / h.
At the same time, if the customer chooses a subscription fee of $151 per month for renting batteries, the price of the ET7 electric car will decrease to $58,000.
Nio-competitor, Shanghai-manufactured Tesla Model Y have a starting price range of $52,472 – $57,103 (339 900 – 369 900 yuan ). After the subsidy, the Model 3 will start at $38,439 (249,000 yuan). Model Y’s maximum range is 594 km.
The ET7 is therefore inferior in price to Tesla but has batteries with a larger capacity, as well as the ability to replace batteries using NIO stations. It expects 500 of its replacement stations to be operational by the end of 2021, Nio said.
In China, these special NIO stations give customers the ability to quickly replace a dead battery with a new one with a full charge, saving time compared to a normal charging station.
According to Nio founder William Lee, thanks to Nvidia processors (NVDA), lidar sensors, and 8-megapixel HD cameras, the Nio ET7 electric car also has a more advanced full automatic driving system.
The computing power of the onboard computer system is seven times that of the Tesla FSD, according to Lee.
“The 4D dynamic system with high – precision maps and sensors can actively adjust the car’s suspension by detecting road bumps in advance,” Li said in his presentation.
The customer will also have to pay a subscription fee of $105 per month to get a full autopilot in Nio ET7.