Chinese Tesla rival Nio launches new electric SUV as competition heats up

Chinese Tesla rival Nio launches new electric SUV as competition heats up


Nio’s ES7 sports utility vehicle adds another competitor to Tesla’s Model X and Model Y in China.

Nio

Nio on Wednesday launched the ES7 sports utility vehicle as competition with Tesla intensifies in China.

The ES7 adds another competitor to Tesla’s Model Y and Model X in China as the competition in the electric SUV space ramps up.

Nio is trying to differentiate its electric SUV by highlighting the technology features of the vehicle.

This includes Nio Autonomous Driving, the company’s system that powers some semi-autonomous driving features.

The company also highlighted its infotainment system which includes a 23-speaker surround-sound configuration in the car.

Nio’s ES7 comes in three different range capabilities depending on the battery size — 485 kilometers, 620 kilometers and 930 kilometers.

The ES7 with the 485-kilometer range starts from 468,000 Chinese yuan ($69,693) before subsidies. The longest range version starts at 526,000 yuan before subsidies.

Pre-orders have begun with deliveries expected to begin in August.

Shares of Nio were up more than 4% on Wednesday.

Nio said the ES7 is one of the first certified passenger cars in China to be able to tow a caravan or trailer.

Nio and its peers have been struggling with existing supply chain disruption that has been worsened by a resurgence of Covid-19 in China and subsequent lockdowns in and around key manufacturing hubs in the country.

The company reported a rise in first-quarter revenue though its loss widened. While production was hampered in April and May, the company’s second-quarter delivery outlook suggests a bounce back in June.

Tesla meanwhile has also been struggling with production at its key China factory in Shanghai, which has been gripped by a particularly lengthy lockdown.



Source

AI chipmaker Cerebras withdraws IPO
Technology

AI chipmaker Cerebras withdraws IPO

Artificial intelligence chipmaker Cerebras said on Friday that it’s withdrawing plans for an IPO, days after raising over $1 billion in a fundraising round. In a filing with the SEC, Cerebras said it does not intend to conduct a proposed offering “at this time,” but didn’t provide a reason. A spokesperson told CNBC on Friday […]

Read More
Amazon shutters 4 Fresh stores in Southern California as grocery strategy keeps shifting
Technology

Amazon shutters 4 Fresh stores in Southern California as grocery strategy keeps shifting

An employee arranges a salad dressing display at an Amazon Fresh grocery store on December 12, 2024 in Federal Way, Washington. David Ryder | Getty Images Amazon is closing four more Fresh supermarkets in Southern California as the e-commerce giant continues to focus its grocery strategy around Whole Foods and delivery. The closures will take […]

Read More
Quantum stocks Rigetti Computing and D-Wave surged double-digits this week. Here’s what’s driving the big move
Technology

Quantum stocks Rigetti Computing and D-Wave surged double-digits this week. Here’s what’s driving the big move

Inside Google’s quantum computing lab in Santa Barbara, California. CNBC Quantum computing stocks are wrapping up a big week of double-digit gains. Shares of Rigetti Computing, D-Wave Quantum and Quantum Computing have surged more than 20%. Rigetti and D-Wave Quantum have more than doubled and tripled, respectively, since the start of the year. Arqit Quantum […]

Read More