- Chinese electric carmaker Nio Inc. unveiled its flagship sedan, the ET9, at the annual Nio Day event. Positioned to compete with Porsche's Panamera and Mercedes-Benz's S series, the four-seater executive sedan is set for delivery in Q1 2025 with an estimated starting price of around $112,000. Equipped with Nio's self-developed five-nanometer automotive-grade chip and large cylindrical battery cells, the ET9 boasts compatibility with a 900 Voltage ultra-fast charging platform, providing a 255-kilometer range in just five minutes.
- As part of Nio's strategy to build brand loyalty, the company introduced its latest Nio Power Swap stations, capable of replacing a depleted battery in as fast as three minutes. The new generation is compatible with multiple brands and reduces overall swapping time by 22%. Despite recent challenges, including falling short of sales targets and losses, Nio remains optimistic, planning further infrastructure investment and job cuts. The company recently secured a $2.2 billion cash injection from Abu Dhabi-backed fund CYVN Holdings LLC, maintaining a focus on efficiency and strategic priorities.
Why it matters
Nio President Qin Lihong outlined the company's expansion strategy, aiming to enter more lower-tier cities in China to compete effectively. Nio's revenue outlook relies on its current lineup for the next one to two years, with plans to generate income from the existing eight models. The company, which faced a drop in gross margin to 1% in Q2 before recovering to 8% in Q3, is on track to deliver approximately 159,000 cars this year.