China EV start-up Nio to sell mass-production car next year

Chinese electric vehicle start-up Nio, NextEV, Chinese auto market,Silicon Valley
Chinese electric vehicle start-up Nio, NextEV, Chinese auto market,Silicon Valley

Chinese electric vehicle start-up Nio will start selling its first mass-production vehicle next year, the firm said in a statement on Wednesday, as it unveiled its ES8 SUV car at the Shanghai auto show.

People gather at the booth of Chinese electric vehicle start-up Nio as it unveils its ES8 SUV at the Shanghai autoshow, in Shanghai, China April 19, 2017. REUTERS/Aly Song

Nio, formerly known as NextEV, is among the first of a raft of Chinese electric vehicle startups to launch a production vehicle, with many so far only showing concept cars.

Also Read: Death toll in Sri Lanka dump collapse climbs to 30

The Chinese auto market has been flooded with electric vehicle start-ups in recent years after Beijing opened the sector to technology and venture capital (VC) investment. Nio is backed by Chinese technology giants Tencent Holdings and Baidu Inc as well as Silicon Valley investors.

People gather at the booth of Chinese electric vehicle start-up Nio as it unveils its ES8 SUV at the Shanghai autoshow, in Shanghai, China April 19, 2017. REUTERS/Aly Song

The company said it would also sell 10 EP9 electric “supercars” for $1.48 million without offering a timeline.

Also Read: Thirteen Indians among terrorists killed in MOAB bombing

LEAVE A REPLY

Please enter your comment!
Please enter your name here