CHINA: Chinese electric vehicle (EV) maker Nio launched its most expensive model, the ET9, at its annual customer event in Guangzhou on Saturday as part of its plan to double deliveries by 2025 and become profitable by 2026.
The ET9, priced at RMB788,000 (S$146,263), is a high-end electric sedan aimed at competing with luxury cars like the Porsche’s Panamera series and Mercedes-Benz luxury S-range, as reported by The Edge Singapore.
Owners of the executive four-seater also have the option to rent the battery, which lowers the price to RMB660,000 (S$122,504).
The ET9 has a 650 km driving range at a full charge thanks to its 100 KWh battery. It also features a high-voltage charging system, allowing it to charge for 225 km of range in just five minutes.
The car comes with Nio’s intelligent driving system along with a luxurious interior, including 35 speakers and extra legroom for comfort. Deliveries for the ET9 are expected to begin in March 2025.
In addition to the ET9, Nio introduced a new sub-brand called Firefly, aimed at customers who want a more affordable EV.
The first Firefly model, priced from RMB148,800 (S$27,619), is meant to compete with smaller cars like BMW’s Mini and Mercedes-Benz’s Smart. The only model available in China is equipped with nine airbags for safety.
One of the key features of Firefly cars is a battery-swapping system designed for quicker deployment with smaller batteries. This was in response to the challenges Nio faced in building enough battery swap stations in Europe.
Nio also launched a new brand earlier this year called Onvo, which competed with Tesla’s Model Y. Onvo has had a slow start, with only 10,000 cars delivered in the first three months.
However, Nio CEO William Li is optimistic, saying the company plans to sell 440,000 cars by 2025. He also expects Onvo to reach average monthly sales of 20,000 units and Firefly to add “several thousand” more deliveries each month.
Despite its ambitious plans, Nio has struggled with missed sales targets and losses. The company’s shares in the US have dropped by about 50% this year, a bigger decline than that of its competitors like Xpeng and Li Auto.
Mr Li said that achieving profitability by 2026 is a crucial target for Nio, one that the company cannot afford to miss. /TISG
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