Beijing also provides generous subsidies and state investment in the sector, including building a battery charging network.
At its launch on Saturday, Nio introduced a battery charging plan with a rental subscription set at 128,000 yuan ($ 19,366) a month.
Owners of the ES8 can charge their cars at stations that allow their batteries to be swapped in three minutes, Nio said in a press release. A mobile service also travels to car owners who need to charge their vehicles.
Nio plans to build over 1,100 “Power Swap” charging stations and deploy over 1,200 “Power Mobile” vehicles by 2020, it added.
China’s state-backed fervor to push the EV market and its technology has attracted international giants such as BMW and Volkswagen to join the fray alongside Chinese tech titans Baidu, Alibaba and Tencent.
Tesla also has plans to start production in China, which is the world’s largest market for electric vehicles. Sales of new-energy vehicles jumped 51.4 percent from January to November this year, Reuters reported, citing the country’s auto industry association.
Founded in 2014 and formerly known as NextEV, Nio is in fact backed by investment holding conglomerate Tencent.
Nio is considering a U.S. Initial Public Offering next year, Bloomberg reported on Friday, citing sources with knowledge of the matter. But Li said there’s no hard date in place for an IPO.
“The plan of entering capital markets is just a necessary process during the development of the company. We will not set a specific deadline for an IPO, rather it will depend on the development of the company. Right now we don’t have information to share on that,” Li told CNBC.