(LI), NIO Inc. (NYSE: NIO) – Nio ET7 among top two cars on display at Shanghai Auto Show, Says Rival Li Auto CEO
Chinese manufacturer of electric vehicles From Li Auto Inc. (NASDAQ: LI) CEO Li Xiang praised his rival From Nio Inc. (NYSE: NIO) ET7 flagship sedan, noting that it was among the top two electric cars at this year’s Shanghai auto show, cnEVpost reported on Sunday.
What happened: Li said on Weibo that the design of the Nio ET7 is sophisticated and confident, while Geely Automobile Holdings Limited’s (OTC: GELYF) Zeekr 001 offers excellent value for money, according to the report.
However, Li expressed disappointment with the electric flagship cars of traditional luxury car brands – Daimler AG (OTC: DMLRY) owned Mercedes-Benz EQS and Bayerische Motoren Werke AG’s (OTC: BMWYY) iX Series. He noted that “many strange design elements and features are just incomprehensible.”
See Also: Nio At Auto Shanghai: What You Need To Know About The Power North Project, The ET7 Interior, The Fashion Project Announcements
Why is this important: Nio unveiled the interior of the ET7 at the Shanghai Auto Show, which kicked off on April 19. As announced when it launched at the Nio Day event in January, the ET7 will feature the Nio Autonomous Driving (NAD), the Super Sensing Aquila system, and Adam’s super computing platform.
The ET7 has what Nio CEO William Li says is the first UWB digital key, and has soft-close doors and frameless windows. Li also claimed that Adam’s computing power was seven times that of Tesla Inc. (NASDAQ: TSLA) Complete Autonomous Driving Software (FSD).
The ET7, Nio’s fourth mass-produced model, is expected to hit the market in the first quarter of 2022. The sedan is expected to be priced between 378,000 and 526,000 RMB, depending on the edition and whether a user chooses the battery in. as service offerings or autonomous driving as a service. Nio leverages service offerings to impact customers in China.
See also: How to buy Nio shares
At the same time, Li Auto is the first to successfully market extended range electric vehicles in China, the world’s largest electric vehicle market. The company began mass production of its first model, the Li ONE SUV, in November 2019.
Tesla continues to have a dominant position in the Chinese electric vehicle market, but several Chinese players are fast approaching as they work on the development of new electric vehicle technologies such as ultra-fast charging and autonomous driving technologies.
Price action: Li Auto shares closed nearly 2.8% higher on Friday at $ 20.60, while Nio shares closed up 3.8% at $ 41.08.
Read more: Will the incident at the Tesla auto show in Shanghai be a ‘watershed event’ for the rise of local rivals like Nio, Xpeng?
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