SAIC

Even the cheapest models are not spared in this wave of electric vehicle price hikes in China.

Rising Auto unveiled the R7 on February 22, becoming the second carmaker after Nio to offer a battery swap-enabled model to the general public.

In 2021, SAIC-GM-Wuling sold 452,238 electric vehicles.

This was down 37.3 percent from 72,236 units in January and accounted for 14 percent of the group's sales of all models in February.

Rising Auto will invest RMB 20 billion ($3.16 billion) over the next five years and will focus on the mid- to high-end NEV market priced at RMB 200,000-500,000.

Rising Auto says the R7 can swap batteries in as little as 2.5 minutes.

This is a 23.53 percent drop from 94,460 units in December last year.

For a low-priced model like the Nano EV, a 6 percent range is noteworthy for its price-sensitive potential consumers.

The L7 is currently the closest in looks, specs and price to Nio's first flagship sedan, the ET7.

By the end of February 2022, IM L7 test cars will begin to be available in sales stores, and interested consumers will be able to take a test drive in early March.