Chinese EV maker Nio takes aim at foreign luxury marques BMW, Audi with new sedan

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The ET9, which Nio expects to start delivering in March, is priced at 800,000 yuan (US$110,080) in presale

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A view of Nio’s luxury model the ET9. Photo: Handout

Daniel Renin Shanghai

Published: 6:00am, 13 Dec 2024

International car brands, already experiencing a sharp sales decline, have one more thing to worry about as Chinese electric vehicle (EV) maker Nio began sales of a new luxury sedan to challenge the likes of BMW’s 7 series and Audi’s A8.

The fully electric ET9 executive sedan, which the company expects to begin delivering in March, will spearhead a move among Chinese EV makers to break the dominance of conventional petroleum-powered luxury vehicles built by foreign rivals, said William Li, CEO of the Shanghai-based company.

“I feel safe to say that foreign car brands will continue to lose their market share [in China],” he said at a briefing on Thursday. “They will be further marginalised in this market, where indigenous carmakers are showing an upper hand in developing and manufacturing electric cars.”

The ET9, priced at 800,000 yuan (US$110,080) in presale, is fitted with high-performance computing power and what Nio said is the world’s first fully active integrated hydraulic suspension system, which promises to offer a smooth and comfortable ride even on bumpy roads.

The car will be powered by a 120 kilowatt-hour (kWh) battery pack with an energy density of 292kWh per kilogram, compared with the average EV battery’s 200kWh per kilogram. Higher energy density means greater driving range for an equivalent weight of battery.

Nio said it will unveil final retail prices for the ET9 variants later this month. The car was first announced nearly a year ago.

BMW’s internal combustion engine-based 7 series cars start from 919,900 yuan in the mainland market, while the basic edition of Audi’s A8, also petrol-powered, sells for 789,800 yuan.