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NIO Inc. has begun shipping its third-generation ES8 electric SUVs to delivery centers across China ahead of an official launch on September 20, 2023. Pre-sales, which started on August 21, have exceeded those of the ONVO L90 model, according to NIO President Qin Lihong.
The new ES8 is priced between 416,800 to 456,000 yuan (approximately $58,500–$64,110), but can be purchased for as low as 308,800 yuan ($43,340) through NIO’s Battery-as-a-Service option. It features a dual-motor setup producing 520 kW (697 hp) and 700 Nm of torque, with a range of 635 km on a 102-kWh battery. NIO is aiming to sell 50,000 vehicles across its brands in the fourth quarter, while targeting a gross margin of around 20% on the ES8.
Competitors such as Tesla and Li Auto are entering the market with similar family SUV models priced competitively, which may challenge NIO’s sales. NIO’s shares have surged over 60% this year, outpacing the industry average gain of 5%.
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