Elon Musk should keep a close eye on Nio's incredible progress.
There have been many EV startups with lofty ambitions to take on Tesla, but many have failed to succeed. The Shanghai-based startup Nio is one of the rare exceptions. Effectively China's answer to Tesla, Nio was founded in 2014 and gained notoriety with the EP9, an electric supercar with four electric motors producing a combined 1,341 horsepower.
This setup enabled the EP9 to set a Nurburgring lap record back in 2017. Since then, Nio has launched several mass-produced electric SUVs including the ES6 and ES8. Earlier this year, Nio expanded its model lineup with its first-ever sedan, the ET7. Now, Nio is celebrating a major production milestone.
Nio has built its 100,000th car, an ES8 luxury SUV, which rolled off the JAC-NIO manufacturing center in Hefei, China. Impressively, it took Nio just 1,046 days to build 100,000 cars after the first ES8 SUV rolled off the assembly line back in May 2018, setting a new industry record.
The Chinese EV startup's growth has been remarkable to watch. Nio only celebrated the production of its 50,000th vehicle back in July 2020, so that figure has already doubled in less than a year. In March, Nio delivered 7,257 vehicles, a 373 percent increase compared to the same period last year.
The next model to enter production will be the ET7, Nio's answer to the Tesla Model S, Audi e-tron GT, and Porsche Taycan. Available with either a 70-kWh, 100-kWh, or 150-kWh battery pack, the Nio ET7 offers an impressive driving range of over 621 miles on a single charge. In China, the ET7 will start at 448,000 yuan ($69,200) and go on sale early next year.
The future is looking bright for Nio, as CEO William Li recently announced the electric carmaker will launch a second electric sedan that will go after the Tesla Model 3. No doubt Elon Musk is keeping a close eye on Nio's incredible progress.