Briefing: Chinese Tesla rival NIO launches second electric SUV

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NIO Officially Launches NIO ES8 Battery At NIO Day 2018 –  CleanTechnica

What happened: Chinese electric carmaker NIO launched its second vehicle, the ES6, over the weekend. Resembling the previously launched ES8, the more affordable ES6 is now available to order for Chinese buyers. The company will begin delivering in June 2019. The vehicle will be priced from RMB 358,000 (around $52,000) to RMB 448,000 before government subsidies.

Why it’s important: The Chinese Tesla rival has been selling its only model, the ES8, since June and has delivered more than 9,700 vehicles in China so far.  NIO is one of the few Chinese electric car makers that has delivered cars to customers. NIO has extended its battery swapping program to ES6 owners, previously reducing the upfront price of the ES8 by RMB 100,000. The company recently went public in the US, selling 160 million shares at a price of $6.26. The IPO brought in roughly $1.2 billion for the company, lower than the $1.3 billion expectation.