Benzinga - by Anan Ashraf, Benzinga Editor.
New spy shots of the alleged first model from Nio Inc‘s (NYSE:NIO) sub-brand Alps show the company touting it as better than EV giant Tesla Inc’s Model Y.
What Happened: The images were shared by He Lei, CEO of local automotive media outlet Xchuxing, and show the model in what seems to be a production-ready state. The car, wrapped in camouflage, has a message in Chinese on its rear window which, according to CnEVPost, says it’s better than Tesla’s Model Y.
He Lei, who shared the images, claims that this is the first model from Nio’s second brand called Alps. The images were reportedly taken during the model’s testing in Heihe, Heilongjiang province, in northern China.
The model is expected to be a mid-size or mid-to-large-size SUV which supports battery swap, faster charging, and a larger screen. Nio’s founder, chairman, and CEO William Li has previously stated that the first Alps model will be cheaper than the Model Y, the report noted. The model is set to be launched in October this year.
The first model from Nio's new Alps sub-brand, an electric Tesla Model Y liftback-style crossover, has been spied testing in prototype form in northern China ahead of a a planned start to Chinese sales later this year. The message on the rear window: "Better than Model Y". pic.twitter.com/fs7v7ky2pd— Greg Kable (@GregKable) March 5, 2024
Competition From Tesla: Tesla’s Model Y SUV starts at 258,900 yuan ($35,963) in China. It was the best-selling vehicle across the world in 2023 and also the best-selling Tesla car in China.
For all of 2023, the Model Y sold 456,394 units in China, contributing 75.6% of Tesla’s 603,664 sales in the country. Nio, meanwhile, sold a total of just 160,038 vehicles across the globe. The company will report its fourth-quarter and full-year results before the market opens on Tuesday.
According to estimates from Benzinga Pro, Nio is expected to report a loss of 51 cents per share for the fourth quarter. For the third quarter, the company reported a net loss of 37 cents per share.
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