China’s Nio Unveils $108,000 EV to Take on Porsche, Mercedes

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(Bloomberg) -- Chinese electric car maker Nio Inc. started sales of its most expensive car as it seeks to double deliveries in 2025 and eventually become profitable.

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The 10-year-old automaker officially launched the flagship ET9 battery-electric sedan at its annual customer event Saturday in Guangzhou. Priced from 788,000 yuan ($108,000), or 660,000 yuan if the owner opts to rent the battery, the executive four-seater is set to take on Porsche AG’s Panamera series and Mercedes-Benz Group AG’s luxury S range.

The ET9 will be able to travel 650 kilometers (404 miles) on one charge with a 100 KWh battery, and its high-voltage charging system will provide 225 km of range in as little as five minutes. It will also come equipped with Nio’s intelligent driving system powered by chips that were developed in-house, 35 speakers, and features including extended legroom. Deliveries will start as soon as March.

Nio also unveiled a second sub-brand, Firefly, aimed at more budget-conscious drivers. Its only model in China, installed with nine airbags, will go up against BMW AG’s Mini or Mercedes’ Smart, with a pre-sale price starting from 148,800 yuan. The vehicle price could be as low as under 100,000 yuan if the customer chooses to rent the battery, founder and Chief Executive Officer William Li, 50, said in a media briefing on Sunday, following the launch of Firefly.

“Firefly can serve a wider group with Nio’s most innovative technologies,” Li said, while unveiling the brand. “We are about to bring the best mini cars to global customers.”

Firefly follows the launch of the Onvo brand earlier this year. The brand’s first model competes directly with Tesla Inc.’s Model Y sport utility vehicle.

At a media event in Shanghai last week, Li said he was determined to double annual sales next year to at least 440,000 vehicles. Apart from a modest increase in shipments of Nio’s main brands, Onvo is expected to reach average monthly sales of 20,000, while Firefly should add “several thousand” deliveries per month, Li said.

Once considered one of the brightest rising stars in China’s electric vehicle market, Nio has fallen short of sales targets and continues to post losses. Its US-traded shares have slumped about 50% this year, more than peers Xpeng Inc. and Li Auto Inc.