Nio, Tesla’s biggest competitor in China, announces third new EV SUV

Despite falling on hard times recently and being very light on cash thanks to a cooling Chinese economy, Nio has just introduced their third SUV in hopes of increasing the demand in China for electric vehicles, according to a report from Bloomberg.

The new SUV, for which design and pricing was not revealed, was described as a streamlined “coupe” that will reportedly come with a panoramic-view window, is meant to go up against Tesla’s upcoming Model Y. Nio already has one electric SUV available , the ES8, with another, the five-seater ES6, which is currently set to begin deliveries in June 2019.

Nio is currently struggling as it has face big recalls, had to recently lay off over 2,100 employees earlier this year, and has burning through more than $5 billion since opening shop in 2015. ICE vehicle sales are slumping in China, which are down in 16 of the last 17 months, and EV SUV sales have been down for four straight months after the Chinese government cut EV subsidies.

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