Qin Lihong, President and Co-Founder of NIO Inc., a Chinese electric vehicle maker, announced at a seminar held on Tuesday that another medium- and large-sized SUV with the NT2.0 platform would be released in mid-April. The new vehicle has been officially named the ES7 and its main competitor is the BMW X5 L, which is also expected to be released later this year, Qin said.
“The brand new car we will release in mid-April was referred to as ‘Gemini’. In the past, everyone misunderstood that it was a new brand,” Qin said.
NIO has already launched the ES8, ES6, EC6 and other models before. The ES7 is based on NIO‘s NT2.0 platform which is the second generation of its electric drive system equipped with 19 assisted driving functions.
Qin explained that NIO‘s delivery target would be decided by the availability of supplies. He also mentioned his respect for BMW but he believes that NIO doesn’t fall far behind BMW in the field of smart electric vehicles.
In addition, he announced some other important information. In 2021, NIO‘s share in the Chinese high-end electric vehicle market with a price range exceeding 300,000 yuan ($47,250) was 40.7%, maintaining 36.9% in the first half of the year and 44% in the second half of the year. Tesla’s sales volume in the same market was five thousand units less than that of NIO last year, following by BMW’s 20,000 units, Mercedes-Benz’s 7,000 units and Audi’s 2,000 units.