Nio has launched its $1.2 billion US IPO, scheduled to begin trading on September 12 (NYSE: NIO). Its new ES8 faces competition from just one company in China in the premium electric SUV market: Tesla.
The ES8 Is Comparable to the Tesla Model X, at 1/3 the Price
Helped by domestic subsidies and taxes on the competition, NIO makes a convincing value proposition for premium electric SUV buyers. NIO shows a side-by-side look at the ES8 and Tesla X, highlighting its own comparable (and in some cases superior) vehicle specs. The ES8 wins on 0 to 100km/h acceleration, maximum power output and horse power and torque.
Meanwhile, China's government has set up strong incentives for its citizens to buy domestic. Tesla's ex-factory price for the X is about 50% more than the ES8, but after taxes, duties and subsidies, Tesla becomes 180% more expensive. While the Model X is the closest competitor, more brands are launching EV SUVs in China, including the Marvel X crossover from China-based SAIC, an entry/mid-range vehicle priced $10,000 below NIO’s ES8.
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