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

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.
By : Reuters
| Updated on: 21 Apr 2017, 11:19 AM
Visitors look at the EVE concept car from Chinese startup NIO during the Auto Shanghai 2017 show at the National Exhibition and Convention Center in Shanghai on Wednesday.
Visitors look at the EVE concept car from Chinese startup NIO during the Auto Shanghai 2017 show at the National Exhibition and Convention Center in Shanghai on Wednesday.
Visitors look at the EVE concept car from Chinese startup NIO during the Auto Shanghai 2017 show at the National Exhibition and Convention Center in Shanghai on Wednesday.
Visitors look at the EVE concept car from Chinese startup NIO during the Auto Shanghai 2017 show at the National Exhibition and Convention Center in Shanghai on Wednesday.

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.

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.

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.

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The company said it would also sell 10 EP9 electric "super cars" for $1.48 million without offering a timeline.

First Published Date: 21 Apr 2017, 11:18 AM IST
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