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China EV company Nio files for $1.8B IPO; targeting China’s premium BEV SUV market

China-based premium EV maker Nio (earlier post) has filed for a $1.8-billion IPO with the US Securities and Exchange Commission. The company is initially targeting China’s premium battery-electric SUV market.

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Source: Nio F-1.

Nio introduced its first model, the EP9 supercar, in 2016. (Earlier post.) The EP9 set a world record as the then fastest all-electric car on the track at the Nürburgring Nordschleife in May 2017, finishing a lap in 6 minutes and 45.90 seconds.

Nio launched its first volume manufactured electric vehicle, the ES8, in December 2017 and began making deliveries to users in June. Nio has so far delivered 481 ES8s and has unfulfilled reservations for more than 17,000 ES8s with deposits.

Of these reservations, approximately 12,000 consisted of reservations for which only an initial fully refundable deposit of RMB5,000 (US$727) had been made. Upon signing of a purchase agreement, which is required prior to a vehicle entering into production, the initial RMB5,000 deposit becomes non-refundable and the user must pay an additional RMB40,000 (US$5,815) non-refundable deposit.

As of 31 May, 30 June and 31 July 2018, Nio had unfulfilled reservations for 1,401, 3,186 and 4,989 ES8s, respectively, for which non-refundable deposits had been made.

The ES8 is a 7-seater electric SUV with an all-aluminum alloy body. Equipped with Nio’s proprietary electric powertrain system, the ES8 accelerates from zero to 100 km per hour in 4.4 seconds and delivers an NEDC range of up to 355 km (221 miles) and a maximum range of up to 500 km (311 miles) in a single charge.

Nio plans to launch its second volume manufactured electric vehicle, the ES6, by the end of 2018 and start initial deliveries in the first half of 2019. The ES6 is a 5-seater, high-performance premium electric SUV, set at a lower price point than the ES8 to target a broader customer base.

The electric powertrain technologies developed for the EP9 provide the foundation for the development of the production vehicles. The powertrain comprises three key sub-systems: the electric drive system (EDS); energy storage system (ESS); and a vehicle intelligence control system (VIS).

NIO Pilot, the company’s proprietary enhanced Level 2 ADAS system, is enabled by 23 sensors and equipped with the Mobileye EyeQ 4 ADAS processor, which is eight times more powerful than its predecessor.

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