Pricing for the ET5 Touring is identical to the regular ET5, with a starting price in China of RMB 298,000 including the battery, and deliveries will begin on June 16.
(Image credit: CnEVPost)
NIO (NYSE: NIO) has officially launched its highly anticipated new model, the ET5 Touring, and its price in China is a surprise.
The company launched the model today in an online launch event for consumers in China, Germany, Denmark, the Netherlands, Norway and Sweden. Deliveries in China will officially begin tomorrow, while delivery dates in Europe have not yet been announced.
The ET5 Touring launch was different from all previous NIO model launches in that it was the first product launch led by the European team and appears to be the shortest new model launch in its history.
NIO gave a brief overview of the ET5 Touring's exterior, interior and driving experience at this roughly 40-minute launch event, but didn't explain much more about its technical specifications.
This is understandable, after all, NIO's models come standard with dual motors and the same smart driving hardware, and it seems redundant to introduce them again.
Pricing for the ET5 Touring is identical to the regular ET5, starting at RMB 298,000 ($41,620) in China, including the battery.
This is surprising, as the model was previously generally seen as being RMB 10,000 to 20,000 more expensive than the regular ET5.
On June 12, NIO lowered the starting prices for all models by RMB 30,000 and made the battery swap service, which was previously free several times a month, a paid option.
The ET5 Touring is the first model released after NIO implemented the new pricing system, and the entry version comes with a 75-kWh battery pack. Its long-range version comes with a 100-kWh battery pack and starts at RMB 356,000 with the battery included.
Chinese consumers who choose to purchase the model using the BaaS (battery as a service) service will see the prices start at RMB 228,000 for both versions, with monthly battery rental costs of RMB 980 and RMB 1,680 respectively.
NIO ET5 Touring prices in China
|Version||Starting Price with Battery||Starting Price under BaaS||BaaS Monthly Battery Rental|
NIO's advanced driver assistance systems NOP (Navigate on Pilot) Plus and NAD (NIO Autonomous Driving) are both subscription-based, priced at RMB 380 and RMB 680 per month respectively.
NIO began allowing consumers to lock in their orders for the ET5 Touring after the launch, and show cars and vehicles for test drives are already available at NIO's showrooms in China.
Chinese consumers who order the model now will receive 1 year of free use of NOP+ worth RMB 4,560.
Consumers who order the ET5 Touring on and before July 31 will receive a discount on options worth RMB 5,000.
NIO has started production of the ET5 Touring based on the designer's recommended configuration combinations, and its delivery will officially begin on June 16.
On June 11, CnEVPost experienced the ET5 Touring at a NIO House in Shanghai Pudong New Area, and found that it improved the most criticized areas on the regular ET5, except for the larger trunk space.
For the regular ET5, many owners complained about the high seating position in the driver's seat, which may have been a deterrent for some potential consumers to choose the model.
CnEVPost experienced the ET5 Touring and the regular ET5 at the NIO House and found that the driver's seat of the former can be adjusted significantly lower.
NIO currently offers the following benefits to the first owner of the ET5 Touring:
6-year or 150,000 km vehicle warranty. 10-year unlimited mileage warranty on battery and powertrain;
6 years free internet connectivity with 8GB of monthly traffic;
Lifetime free roadside assistance.
Consumers who order the model before July 31 can pay RMB 30,000 to receive the upgraded benefits package, which includes:
Free lifetime battery swap service, 4 times per month;
10-year unlimited mileage vehicle warranty
Free lifetime internet connectivity with 8GB of traffic per month;
Lifetime free roadside assistance.
In China, the NIO ET5 Touring's main competitor will be Zeekr's Zeekr 001, which is currently offered in four versions with starting prices of RMB 300,000, RMB 300,000, RMB 349,000 and RMB 386,000 respectively.
Zeekr delivered 8,678 vehicles in May, including the Zeekr 001 and the Zeekr 009 MPV. It did not release a breakdown of deliveries.
On June 12, Zeekr began deliveries of its third model, the Zeekr X, which starts at RMB 189,800.
($1 = RMB 7.1606)