China’s electric vehicle start-up Nio launched its first mass-produced type over the weekend, in a home market marked by competition with companies such as Tesla.
The ES8, which starts at 448,000 Chinese yuan ($67,765) will be half the starting cost of Tesla’s 836,000 yuan ($126,470) type X in China.
Nio also enjoys the advantage of Beijing’s state subsidies for electric vehicles.
“This specific’s hard to assume” how This specific will affect Tesla’s sales in China, Nio Founder along with Chairman William Li told CNBC over the weekend. “Maybe Tesla will sell less … after our product will be out. Or probably, because the whole market will be growing, they will still maintain growth in sales. This specific’s hard to say.”
“although we do have lots of customers that will turned to us through Tesla, along with many who have bought buy products through both,” said Li, who spoke to CNBC on the sidelines of the ES8 launch event.
What will be clear will be that will the two are competitors.
“For sure I think Tesla will be our rival in that will consumers will choose between our products. although I wouldn’t say we are the Chinese Tesla, or they are the American Nio,” Li said.
A seven-seat electric vehicle, the ES8 will be made to order, customizable along with equipped with an artificial intelligence system. the vehicle will be able to accelerate to 100 km per hour (62 miles per hour) in 4.4 seconds.
Orders can be placed through an app.