Chinese Tesla rival Nio launches new electric SUV as competition heats up

Nio’s ES7 sports utility vehicle adds another competitor to Tesla’s Model X and Model Y in China.

The ES7 sports utility vehicle was launched by Nio on wednesday.

The competition in the electric SUV space is heating up with the addition of the ES7.

Nio is trying to highlight the technology features of its electric SUV.

The company's system that powers some semi-automated driving features is included.

The company showed off its system which has a surround-sound configuration in the car.

Depending on the battery size, Nio's ES7 comes in three different range capacities.

Before subsidies, the ES7 starts at $468,000 Chinese yuan. Before subsidies, the longest range version starts at 527,000.

The deliveries are expected to start in August.

Nio's shares were up more than 4%.

One of the first passenger cars in China to be able to tow a trailer is the ES7.

Nio and its peers have been struggling with existing supply chain disruption that has been worsened by a resurgence of Covid-19 in China.

The company's revenue rose in the first quarter, but it lost more money. The company expects a bounce back in June after production was disrupted in April and May.

The company's key China factory in Shanghai has been locked down for a long time.