The chief executive of Chinese electric vehicle (EV) company Nio (9866.HK), opens new tab, announced on Thursday that the new ET7 sedan version’s starting price is 428,000 yuan ($59,063).
Nio CEO William Li stated that since sales of the ET7 began at the end of March 2022, there have been close to 30,000 units delivered. He referred to the vehicle as China’s best-selling electric sedan at a price above 400,000 yuan.
During an event on the first media day of the Beijing auto show, Li stated that the new version of the sedan allows smooth screen mirroring and synchronization on both iOS and Android smartphones.
Nio fared much worse than other EV startups like Huawei-backed Aito, Li Auto (2015.HK), opens new tab, and LeapMotor (9863.HK), opens new tab, which posted double-digit or even triple-digit jumps in first-quarter deliveries. Nio delivered 30,053 vehicles between January and March, down 3.2% from a year earlier.
The struggling automaker, which sells vehicles through independently owned showrooms in China and Europe, announced intentions in November to decrease staff by 10% in an effort to increase efficiency and slash costs in the face of escalating competition.
In a rare lecture delivered in the US earlier this month, Nio founder Li advocated for transparency in the face of growing strain between China and the West over Chinese electric vehicle exports.
Chinese electric vehicle businesses are progressively leasing out their technologies to augment their foreign revenue. A technology license agreement between Nio and EV company Forseven—a division of Abu Dhabi-based investment vehicle CYVN—was revealed in February.