Nio on Saturday revealed its second fully electric premium sedan model ET5, featuring an automated driving system, a fresh design, and a lower price point, to reach a larger customer base.
Why it matters: Speaking to reporters on Dec. 19, chief executive William Li said he expects the Nio ET5, which is priced 25% cheaper than the brand’s first sedan model ET7, will help the company attract more younger and female buyers.
Details: The new ET5 sports sedan comes with the same hardware package as the ET7, including a dozen ultrasonic sensors, 11 cameras, a Lidar unit, and Nvidia’s Orin autonomous driving processors, which allow the vehicle to detect its surroundings using supercomputing power.
- The new sedan comes in a rainbow of nine different hues, including a soft pink, the first time Nio has used such a shade for its models.
- It also features an in-car information and entertainment system equipped with custom augmented reality (AR) glasses that can project information onto the windshield for drivers.
- Priced from RMB 328,000 ($51,430), the ET5 sedan is scheduled for delivery in the third quarter of 2022. The price could be as low as RMB 258,000 if a customer pays a monthly rental fee of RMB 980 for the use of batteries.
- Nio also announced Saturday that it will begin delivering the ET7 on Mar. 28, 2022. ET7 and ET5 can achieve more than 1,000 kilometers (621 miles) on a single full charge with a new 150kWh battery pack.
Context: With three existing models, the seven-year-old Nio had so far delivered 80,940 vehicles to customers this year, a 120% yearly growth rate. Nio’s peers Xpeng Motors and Li Auto delivered 82,155 and 76,404 vehicles respectively during the same period.
- With a similar price range, Nio’s ET5 will compete against Tesla’s popular Model 3, Xpeng’s P7, and Geely’s premium EV model Zeekr 001.