NIO has been clear with its brand identity since its launch: we sell premium electric vehicles that are pretty big, high tech, fancy, and did we say expensive? Its sales have been quite good considering its young age and the high cost of its vehicles, but it is now moving and aiming much higher. Like Tesla did when it launched the Model 3, NIO is trying to capture a significant new share of the market by selling a slightly smaller, cheaper car. Early reactions seem to imply it will be a huge hit.
Remember when MIC Tesla Model 3 hit stores in China in late 2019. @NIOGlobal It’s having that kind of moment but even bigger!
— Jay in Shanghai 电动 Jay (@JayinShanghai) September 10, 2022
“Jay in Shanghai” has always been a huge Tesla enthusiast who has followed Tesla’s growth, development and consumer response. He is a Tesla Model S owner and founder of Tesla Expat Owners Group. He’s a serious Tesla lover. So to see him say what he said in that tweet above – “Remember when [Made-in-China] The Tesla Model 3 hit stores in China in late 2019. [NIO] at this kind of moment but even bigger! — I was not only a little surprised, but also much more impressed than I would have been when I saw such claims or such a tweet from almost anyone else on Twitter. This is apparently a very big problem and could be a marker in the Chinese electric vehicle market.
I can’t tell from the photos that consumer interest seems greater, but it definitely looks similar. And I will follow the word of the local experts. To try and get an idea of how this compares to other NIO models, I asked “Can you tell whether or not other NIO models had this kind of reception/interest upon arrival ?” Another Chinese EV enthusiast, “ChinaDrivenreplied, “No, not at this level. The ET7 got quite a bit of attention, but the attention the ET5 is getting seems to be a lot more. Guess the ET7 price kept some from considering. The ET5 is obviously more accessible to a lot more people.
The ET5’s starting price is still not for the Mass mass markets. But it’s in the Tesla Model 3 (and XPeng P7) range. The starting price is ¥328,000 (~$47,354), compared to ¥448,000 ($64,678) for the NIO ET7. Again, it’s like a Model 3 versus a Model S, and I think we all know how much more customer reception for the Model 3 was around the world than for the Model S.
Another commenter added: “When something is 50% cheaper, it’s not just double the number of customers. It’s more like ten or twenty times the number of customers.
The ET5 is definitely reminiscent of the Tesla Model 3, but it also has its own characteristics and design. All in all, it’s a super compelling EV, and I’d love the chance to try it out.
Interestingly, NIO includes a small screen behind the steering wheel. The lack of such a screen is something many complained about about the Model 3 – not to say it stopped millions and millions of people from buying the Model 3 and being extremely happy with it (myself included), but it’s been a persistent reviewer issue – and it’s worth noting that the more expensive Model S includes such a screen. NIO had to pay attention to consumer chatter about this. The other thing that stands out right away is the cute little helper on the dashboard. It’s cute.
Had to look a little closer, but I find it interesting that NIO placed the wireless phone charger on the left and placed the two cupholders on the right in the center console. I’ve never seen this, but I love the idea! It’s easy enough to reach for a cup, but it’s easier to grab your phone without having to navigate around a large bottle of water or a hot cup of coffee.
NIO’s sales have increased tremendously year on year since its birth. It’s easier when you’re on a small scale, but still impressive. From January to August 2022, its sales increased by 28%, but in August, NIO’s sales increased by 82%.
Of its 10,677 deliveries in August, we don’t have a model breakdown, but NIO shares the following data:
- 7,551 smart electric SUVs (aka SUVs)
- 3,126 smart electric sedans (aka cars) – including 398 from the new ES7.
At this rate, NIO is heading towards sales of over 120,000 vehicles per year, but it’s growing steadily, so you should expect a lot more than that in a year. (And note that NIO just hit 200,000 cumulative vehicle deliveries in June.) Also, with the arrival of ET5 this month and consumer reaction in Shanghai, China, one has to wonder: How high can NIO go?
Seems to me that with some time to ramp up, there’s no reason NIO can’t hit half a million vehicles a year, especially when you add fast EV charging and swapping innovative battery. However, there is also a big wild card or two. NIO began to enter the European market, in particular by launching a European factory. As I wrote at the beginning of August, NIO entered the Norwegian market last year, and the next European markets it will enter will be Germany, the Netherlands, Sweden and Denmark , all in the second half of this year. NIO also intends to enter the American market in 2025. If NIO can do well in Europe and the United States, it can reach new heights, and half a million vehicles per year could end up being a unrealistic downward forecast that is laughable by the end of the decade. We’ll see.
What we do know so far is that NIO is doing well in China and is seeing huge consumer interest in its new ET5. semi-affordable smart electric sedan. We can’t wait to see the sales results!
Do you appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador – or a patron on Patreon.
Don’t want to miss a cleantech story? Sign up to receive daily updates from CleanTechnica via email. Or follow us on Google News!
Have a tip for CleanTechnica, want to advertise or suggest a guest for our CleanTech Talk podcast? Contact us here.
#NIO #ET5 #Receives #Huge #TeslaLike #Reception #NIO #Stores #China