Chinese startup Nio marked its entry last week into the world's biggest market for electric cars with a sport utility vehicle priced cheaper than Tesla Inc.'s Model X.
Set up about three years ago, Nio is among the youngest companies to join the global electric vehicle melee as regulators worldwide crack down on emissions and countries, including China, consider phasing out automobiles powered by gasoline and diesel. In China, Nio will also be competing against giants including Volkswagen AG and General Motors Co., besides local rivals such as BYD Co.
When it comes to taking on the might of Elon Musk's Model X, the Nio's new ES8 is no shrinking violet, accelerating from 0-100 kph in a sprightly 4.4 seconds, compared to the Tesla's more sedate 6.3 seconds.