Published: Wed, December 20, 2017
Finance | By Cynthia Curry

Chinese electric vehicle maker Nio launches with Tesla in its sights

Chinese electric vehicle maker Nio launches with Tesla in its sights

This is half the price for the Model X, which starts at 836,000 yuan ($128,660) after import duties in China. However, it's only for the rich because that subcription costs about $19K per month according to CNBC. It also comes equipped with the Nio Pilot, a driver-assistance system as well as an in-car artificial intelligence or AI system called NOMI that can help regulate the temperature and play music based on voice requests. It has an all-electric range of 311 miles on a single charge and can go from 0 to 62 miles per hour (mph) in 4.4 seconds. The vehicle is also customized and made-to-order with interested buyers able to place an order through the Nio App.

Li added that Tesla might sell less, once the ES8 is out, or more likely, since the market is now growing, they will maintain growth. "It's hard to say".

Toyota has announced that all of its models will have electric or hybrid versions by 2025, and it will have more than ten electric vehicle (EV) models for sale from 2020, as it aims to cut Carbon dioxide emissions. NIO is also plotting "Power Mobile" charging concierge services for customers.

Nio plans to build over 1,100 "Power Swap" charging stations and deploy over 1,200 "Power Mobile" vehicles by 2020, it added.

China is now the world's biggest electric vehicle market, surpassing the United States.

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"For sure I think Tesla is our rival in that consumers will choose between our products", continued Li.

The state-supported push of the China EV market along with its technology has enticed worldwide auto giants such as Volkswagen and BMW to join in along with tech giants from China - Alibaba, Baidu and Tencent.

The launch could put pressure on Tesla in the world's largest electric vehicle market because the US company isn't expected to manufacture its Model X into China until 2020, Tesla CEO Elon Musk said recently.

Founded in 2014 and formerly known as NextEV, Nio is in fact backed by investment holding conglomerate Tencent.

Chinese authorities will completely phase out local government subsidies for domestic electric auto producers as early as next year, Chinese business news outlet Caixin reports, citing sources close to policy makers. With more and more players entering the market, the company needs to realize its promises quick or be driven out of the market entirely, no pun intended. We will not set a specific deadline for an IPO, rather it will depend on the development of the company.

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