Chinese EV automaker Nio took to the road on Wednesday, June 15, with the launch of its brand-new electric SUV titled the ES7. The move marks an interesting turning point for the firm in diversifying its existing lineup of Nio cars and driving long-term sales against EV rival Tesla, as the Elon Musk-led automaking brand dominates on the mainland.
The Nio SUV will be kitted out with all of the main necessities, in addition to a suite of enhanced technology features, including a 23-speaker surround-sound infotainment system, "ultra-large panoramic sunroof," 10 different driving modes, and a standing camping mode, which allows drivers to discharge 3.3 kW of energy to various outputs. It will also include the automaker's semi-autonomous driving capability called the Nio Autonomous Driving.
The seemingly of main import for the brand is the SUV's interior, which Nio calls "your second living room." The inside cabin of the EV will have spacious seating alongside "natural vibes" that give it that all-too-important touch of a modern home. The rear of the cabin also has a trunk capacity of 658 liters, which Nio notes include the hidden storage compartment. The ES7 will be available in three interior themes, including pamir brown, onyx black, and edelweiss white.
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Nio's ES7 is marketed as among the first certified passenger vehicles within the mainland to offer trailer and caravan towing capabilities. The EV is built on a sophisticated all-wheel drive system that features a front PM motor with 180 kW of peak power alongside its 300 kW peak power induction motor located in the rear of the vehicle. The ES7 will also come equipped with 4-piston front calipers by Brembo and a set of self-sealing, noise-reducing high-performance tires from the likes of Pirelli.
The Nio SUV range is broken down into three main capability factors, constituting the EV's varied battery sizes: 486 km, 620 km, and 930 km. As for the Nio SUV price, its longest-range iteration will cost 526,000 Chinese yuan ($78,349), while the base 486 km ES7 will sit at 468,000 yuan ($69,693). The company notes that pre-orders have already been initiated and expects deliveries of the ES7 to begin sometime in August 2022.
Tesla has proven to be a major powerhouse in the China EV market, shipping a whopping 32,165 EVs in May alone, despite struggling with production woes in the face of increased pandemic lockdowns in the area. Nio, on the other hand, has hit some stopgaps during the months of May and April, similarly dealing with Covid-19 restrictions, but may well have bounced back in June. Nio's earnings for the first quarter of 2022 proved to be stellar at $9.9 billion in revenue alongside 25.59% in earnings per share (EPS).
Nio stock recorded a massive uptick on June 15 following the announcement of the ES7. As of writing, shares for the automaker sit at $20.11, a 7.77% bump for the day. Similar EV brands experienced leaps in equities pricing, including the likes of Xpeng, Li Auto, and Tesla, despite the Federal Reserve hiking interest rates by 0.75%.
