Chinese start-up Nio to sell first electric vehicles next year

Nio unveiled its ES8 SUV at the Shanghai Auto Show.
Nio unveiled its ES8 SUV at the Shanghai Auto Show. PHOTO: REUTERS

SHANGHAI• 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 at the Shanghai Auto Show.

Nio, formerly known as NextEV, is among the first of a raft of Chinese electric vehicle start-ups to launch a production vehicle, with many so far showing only 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 investment.

Nio is backed by Chinese technology giants Tencent Holdings and Baidu Inc as well as Silicon Valley investors. The company said it would also sell 10 EP9 electric "super cars" for US$1.48 million (S$2 million) without offering a timeline.

REUTERS

A version of this article appeared in the print edition of The Straits Times on April 22, 2017, with the headline 'Chinese start-up Nio to sell first electric vehicles next year'. Print Edition | Subscribe