A Chinese car startup trying to take on Tesla just unveiled a stunning electric SUV
Nio unveiled its electric SUV, the Nio ES8, at the Shanghai motor show on Wednesday. The startup said the vehicle will go into production by the end of this year and will be made specifically for the Chinese market. Deliveries are expected in 2018, the company said.
Chinese internet company Tencent acquired a 5% stake in Tesla in March, highlighting a vote of confidence in Tesla's position in the world's most populous country. (Tencent has also invested in Nio.)
Nio, which is based in Shanghai, is smart to introduce a large SUV at a time where demand for the vehicles is on the rise among affluent Chinese buyers. The startup has offices in Shanghai and San Jose and is led in the US by former Cisco CTO Padmasree Warrior.
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