Chinese Electric-Car Startup NIO Undercuts Tesla With Debut Model

Company starts sales of ES8 sports utility vehicle in China
NIO offers various charging options to ease consumers’ concern

NIO USA CEO Padmasree Warrior discusses the unveiling of the company’s "Eve" concept car in Shanghai in April.(Source: Bloomberg)

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By Bloomberg News

December 17, 2017 at 3:35 AM UTC

Updated on

December 17, 2017 at 10:00 PM UTC

This article is for subscribers only.

Chinese electric-car maker NIO has launched sales of its first vehicle three years after the company was founded, undercutting the price of a rival model from Tesla Inc.

Chinese customers can buy the ES8 sports utility vehicle, with a range of 500 kilometers (311 miles) on a single charge, for 448,000 yuan ($67,783), the company said late Saturday in Beijing. That compares with 836,000 yuan for Tesla’s Model X, and 596,300 yuan for BMW’s gasoline-powered X5.