China's Nio unveils ET9 executive sedan, its most expensive EV yet, flexes tech muscle in luxury sector foray

Chinese electric-vehicle (EV) maker Nio has unveiled a new pure electric model to take on hybrids by Mercedes-Benz and Porsche, in the latest sign of China's increasing heft in the development and manufacture of next-generation cars.

The Shanghai-based carmaker said the ET9, an executive sedan with a host of cutting-edge technologies it has developed, including high-performance automotive chips and a unique suspension system, will be priced at about 800,000 yuan (US$112,151), and is expected to be delivered to customers in the first quarter of 2025.

"We are building a flagship executive sedan based on our leading technologies," William Li, Nio's co-founder and CEO, told about 10,000 participants at the Nio Day annual event in Xian, the capital of China's northwestern Shaanxi province, on Saturday.

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"The ET9 will be the best model showcasing Nio's excellence in driving technological innovations."

Chinese carmakers are striving to move up the value chain, as they race ahead of global rivals in EV development and sales. For instance, in April, BYD, the world's largest EV maker, unveiled its super luxury model, Yangwang U8, a sport-utility vehicle priced at 1.1 million yuan. The U8's four wheel side motors allow the vehicle to make so-called tank turns and to "crab walk" sideways.

The Panamera E-Hybrid and the Maybach plug-in hybrid S580e, models the ET9 is pitched against, start at 1.19 million yuan and more than 2 million yuan, respectively.

The ET9 will also become the most expensive model developed by Nio since its founding in 2014. It will use Nio's own Shenji autonomous driving chip, which it claims has computing power equal to four Nvidia Orin chips, which are used in its existing models.

Nio's Sky Ride technology system, the world's first fully active integrated hydraulic suspension system, will offer drivers and passengers a smooth and comfortable ride even when the ET9 navigates bumpy roads, Li said.

The EV will be fitted with a 120 kilowatt-hour (KWH) battery pack with energy density of 292 KWH per kilogram, compared to an average EV battery's 200 KWH/kg. Energy density is a key standard when classifying EV batteries.

"Nio is aiming to become a competitor in the luxury EV segment with the launch of the ET9," said Eric Han, a ­senior ­manager at Suolei, an advisory firm in Shanghai. "It hopes to showcase the company's research capabilities and manufacturing might through this new model."

Separately, Li also said that Nio planned to build another 1,000 battery-swap stations in 2024, unchanged from this year. Nio's battery-swapping ­stations allow owners of its vehicles to exchange a spent battery pack for a fully charged one.

Last month, the company formed partnerships with state-owned Changan Automobile and Zhejiang Geely Holding Group to jointly develop battery-swapping technology, which has been created to ease drivers' range ­anxiety.

On December 18, Nio announced it had raised US$2.2 billion in investment from CYVN Holdings, a fund backed by the Abu Dhabi Investment Authority.

It posted a net loss of 4.56 billion yuan for the three months ending September 30, 24.8 per cent narrower than its 6.06 billion yuan loss in the previous quarter, but 10.9 per cent wider than its 4.11 billion yuan loss in the same period a year ago.

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