China's Nio reveals flagship electric sedan, the ET9

ABU DHABI: The Chinese EV manufacturer NIO unveiled a new flagship sedan, the ET9, at its annual “Nio Day” event to compete with other luxury models like Mercedes-Benz's luxury S range and Porsche's Panamera series. This signals the intent of the company to compete with not only domestic EVs but all well-known global brands. 

The Shanghai-based carmaker said that the ET9 is developed with cutting-edge technologies, including a unique suspension system and high-performance automotive chips. It will be available at the starting price of about CNY 800,000 (AED 411,301) and will hit the market in the first quarter of 2025.

NIO said that its new batteries have 292 watt-hours per kilogram (Wh/kg) cell-level energy density. The 120 kWh pack can easily provide 255 kilometres (159 miles) of range after charging at a 5C rate for five minutes, facilitated by an electrical system of 900-volt.

Nio hosts the “Nio Day” event annually to foster brand loyalty. In the event, it showcases major strategies and products for customers, corporate partners, and media. In the recent event, it revealed upgraded Nio Power Swap stations that can reduce swapping time by 22%. The company will build 1,000 more Power Swap stations in 2024, along with 20,000 chargers. 

Abu Dhabi-backed CYVN Holdings LLC recently granted a $2.2 billion cash injection to Nio resulting in two board director nominations and a 20.1% stake. Despite the gross margin recovery of 8% from 1%, Nio faces delivery challenges. It aims to deliver 159,000 cars a year, falling short of the 250,000 target. Since August Nio’s market value has dropped nearly 40%, leading to various cost-cutting measures, such as 2 billion yuan targeted expense reduction in 2024 and job cuts. Nio is also entering into partnerships with local automakers to reduce production costs by 10%.

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