Tesla (NASDAQ: TSLA) will have more competition for its Shanghai-produced vehicles as Chinese electric vehicle maker NIO (NYSE: NIO) introduced its new ET7 luxury sedan at the “NIO Day” over the weekend.
There are some intricate features on the ET7, such as a sleek exterior with autonomous driving sensors, crystal-like tail lights, and an auto-open feature to open the door before the driver even approaches it.
William Li, the chairman of NIO, describes the interior as a kind of “second living room.” It features a natural alternative to plastics — renewable rattan — that has a distinct texture all over. As Li describes it, tropical-inspired material creates a green and natural ambiance.
Compared to the ET9, the ET7 carries a bigger 150 kWh battery pack. According to the company, ET7’s range will be about 621 miles. This is more than Tesla’s Model S maximum capacity of 402 miles, or the 517-mile range of the Lucid Motor Air sedan as well.
EV sales in China are rapidly increasing. NIO reported record fourth-quarter deliveries of 17,353 vehicles during the quarter, more than double the previous year. Warren Buffett’s BYD, China’s largest EV maker, also announced record deliveries.