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The seven-seat Nio ES8 — which boasts a 70 kilowatt-hour battery pack that allows a driving range of 355 kilometers (221 miles) — will cost 448,000 yuan ($67,800), compared with 836,000 yuan for Tesla’s Model X. The ES8 is expected to hit the market in the first half of 2018.

. . . Nio has adopted a battery swap system, which will enable owners to swap their vehicles’ battery packs for fully charged packs in about three minutes at stations around the country. Nio plans to set up 1,100 such power-swap stations by 2020.

The company also plans to offer mobile charging services...​