Nio to compete against Tesla in electric car industry, launches inexpensive models

Chinese electric auto maker Nio has launched sales of its first vehicle three years after the company was founded, undercutting the price of a rival model from Tesla.

Electric motors mounted on each axle give the ES8 a 0-62mph time of 4.4 seconds, which is similar to a Model X 90D.

The launch could put pressure on Tesla in the world's largest electric vehicle market because the USA company isn't expected to manufacture its Model X into China until 2020, Tesla CEO Elon Musk said recently. However, because of import duties that are levied, the all-electric crossover is quite expensive. These companies want to rival Tesla with smart electric vehicles that feature internet connectivity and new technologies, and by leveraging their understanding of Chinese consumers. The competing SUV is more affordable at 448,000 yuan ($67,765).

According to the Global EV Outlook 2017 report by the International Energy Agency, China was responsible for 40% of global electric vehicle sales in 2016, selling double the number of EVs sold in the United States.

Despite Nio only being founded by Shanghai-based NextEV in 2014, the ES8 is fully finished and offers comparable specs to a Model X. It's a full seven-seater, with an all-aluminium body and chassis, air suspension on all models and all-wheel drive. "Tesla has premium-quality products and the founder is a legendary figure", Zhang said.

ES8 owners will have two options for recharging their vehicle.

ES8 owners can charge their auto by exchanging batteries at power-swap stations in three minutes or recharge with the help of "Power Mobile" service vehicles that travel to motorists.

The battery swap will take 3 minutes, and the station itself can be built in as little as a day.

NIO organized to increase more than 1,100 power-swap stations in China by 2020 and establish more than 1,200 "Power Mobile" service vehicles.

"Our goal is to make charging more handy than refuelling". There will also be over 1,200 "Power Mobile" vehicles that will be deployed in the next couple of years. The system can automate certain features like adjusting the temperature and taking photos. It also sports the EyeQ4 chip from Mobileye, the global leader in Advanced Driver Assist Systems (ADAS). "Nio does have more advantages compared to other newcomers in China's EV market", he concedes.