Electric car startup Nio is planning to battle Tesla in the most lucrative market for battery-powered vehicles: China.
Nio will sell its electric SUV, the ES8, in China in early 2018. The move puts the startup in direct competition with Tesla as it looks to gain traction in the country.
China had more electric car sales than Europe and the US in both 2015 and 2016 and has also exhibited faster sales growth.
Tesla has tripled its revenue in China to $1 billion in 2016, though it still makes more money in the US.
Chinese internet company Tencent acquired a 5% stake in Tesla in March, highlighting a vote of confidence in Tesla's position in the world's most populous country. Tencent has also invested in Nio.
Nio, which is based in Shanghai, is smart to introduce a large SUV at a time where demand for the vehicles is on the rise among affluent Chinese buyers. The startup has offices in Munich and San Jose and is led in the US by former Cisco CTO Padmasree Warrior.
We spoke to Warrior about the ES8 and what to expect — scroll down for a closer look:
The electric SUV seats seven and comes with all-wheel drive, but Nio has yet to disclose any specs like horsepower, acceleration, or range. The startup said it will be priced in the same range as a premium car.Reuters/Aly SongNio has teamed up with JAC Motors, a Chinese car manufacturer, to manufacture the car in China in late 2017. The vehicle will come with a swappable battery.NIO
The SUV features a digital instrument cluster and large infotainment console. Warrior said Nio is trying to become a leader in the connected car space by developing digital cockpits and an AI assistant that can control features in the car and the owner's home.NIO
Source: Business Insider
The SUV will be capable of Level 2 autonomy, the same as Tesla. Nio will use the data collected by the ES8 to develop the software for Level 4 autonomy, which means the car is fully self-driving in specific geographic regions.NIO
Jamie Carlson, a former engineer for Tesla Autopilot, is leading Nio's autonomous driving team. Carlson also worked on Apple's Special Projects team — the division generally understood to be working on Apple's secretive car project.
The startup has an autonomous driving permit in California.
Nio will sell an electric SUV in the US in 2020 that is capable of Level 4 autonomy.Reuters/Aly Song
Nio unveiled Nio Eve, its concept car pictured above, at SXSW in March to announce its plans for the US market.
See the rest of the story at Business Insider
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