The electric SUV seats seven and comes with all-wheel drive, but Nio didn't disclose any specs like horsepower, acceleration, or range. So it's difficult to tell just how well it will compete with the likes of Tesla's Model X SUV.
Nio didn't say where it will manufacture the car, but said its manufacturing and supply chain are "already in place." The vehicle will come with a swappable battery.
Nio has attracted major investors. Tencent and Baidu led an $87 million funding round in the startup in March. Sequoia Capital and Lenovo have also invested in Nio, formerly named NextEV.
Nio has raised nearly $1 billion and is valued at $2.9 billion.
Sources: Motley Fool, Crunchbase
Nio plans to sell 10 of its electric supercar, the EP9, for $1.48 million a pop. The car can accelerate to 195 mph and has a range of 265 miles, Nio claims. It can accelerate to 62 mph in just 2.7 seconds.
Nio also plans to sell an electric, self-driving vehicle in the US in 2020, the company announced at SXSW in March. The startup has an autonomous testing permit in California.
Nio unveiled Nio Eve, its concept car pictured above, at SXSW in March to announce its autonomous driving plans. You can read more about Nio's US plans here.
