The starting price of the 2024 ET7 is the same as the 2023 model, but the price of its top-trim variant with a 100-kWh battery pack has gone up by RMB 10,000 yuan.
(Image credit: Nio)
Nio (NYSE: NIO) has rolled out the 2024 ET7, completing the refresh of all eight of its 2023 models.
The electric vehicle (EV) maker launched the electric sedan today on the first day of the Beijing auto show, starting at the same price as its predecessor while bringing 180 upgrades.
The 2024 ET7 is offered in two options -- Executive, and Executive Signature. Its predecessor offered a standard edition and a Signature Edition.
Including the battery, the 2024 ET7 has a starting price of RMB 428,000 ($59,060), the same as the 2023 model.
Notably, the Signature Edition of the 2023 ET7 was only available with a 100-kWh long-range battery pack option, while the 2024 ET7 allows the Signature Edition to choose between a 75-kWh standard-range battery pack and a 100-kWh battery pack.
The starting price for the standard-range 2024 ET7 Executive Signature Edition is RMB 458,000, and RMB 516,000 for the long-range version. As a comparison, the 2023 ET7's Signature Edition has a starting price of RMB 506,000.
This means a price increase of RMB 10,000 for customers who choose the top-trim variant of the ET7.
When purchased under the BaaS (battery as a service) model, the starting price of the 2024 ET7 Signature Edition is RMB 358,000 and the 2024 ET7 Executive Signature Edition is RMB 388,000.
Under the BaaS model, the starting price of the Signature Edition has been increased by RMB 10,000 from the 2023 model.
The monthly rental fee is RMB 728 per month for the 75-kWh battery pack and RMB 1,128 per month for the 100-kWh battery pack.
This battery rental cost is the lasts after the March 14 price cut. Previously, the standard range battery pack was RMB 980 per month and the long-range battery pack was RMB 1,680 per month.
Price comparison between 2024 ET7 and 2023 model
Trim | Battery | Range (km) | Full Price (RMB) | Price on BaaS | BaaS Monthly Fee |
|---|---|---|---|---|---|
2024 ET7 | |||||
ET7 Executive Edition | 75-kWh | 550 | 428,000 | 358,000 | 728 |
ET7 Executive Edition | 100-kWh | 705 | 486,000 | 358,000 | 1,128 |
ET7 Executive Signature Edition | 75-kWh | 520 | 458,000 | 388,000 | 728 |
ET7 Executive Signature Edition | 100-kWh | 665 | 516,000 | 388,000 | 1,128 |
2023 ET7 | |||||
ET7 | 75-kWh | 530 | 428,000 | 358,000 | 980 |
ET7 | 100-kWh | 675 | 486,000 | 358,000 | 1,680 |
ET7 Signature Edition | 100-kWh | 675 | 506,000 | 378,000 | 1,680 |
The Nio ET7, which was initially launched at the Nio Day 2020 event on January 9, 2021, with deliveries starting at the end of March 2022, is Nio's first model based on the NT 2.0 platform.
The company launched the 2023 ET7 at the Shanghai auto show on April 18, 2023, with a starting price of RMB 458,000 yuan.
On June 12, 2023, Nio lowered the prices of all models by RMB 30,000 and made the free battery swap service package a paid option. The 2023 ET7's starting price was lowered to RMB 428,000 at that time.
With nearly 30,000 units delivered since its launch, the Nio ET7 is the No. 1 seller of all-electric sedans priced at more than RMB 400,000 in China, and the No. 1 seller of sedans priced at more than RMB 400,000 by a Chinese brand, William Li, the company's founder, chairman, and CEO, said at today's launch event.
Nio began accepting customer order lock-ins for the 2024 ET7 today, with show cars and cars for test drives already available in showrooms, and deliveries will begin on April 30.
Customers who purchase the 2024 ET7 by June 30 will receive a free Nappa premium interior package valued at RMB 21,000, which is standard on the Executive Signature Edition.
In addition, customers who purchase the sedan on or before May 31 will also receive limited-time offers including a RMB 10,000 gasoline vehicle trade-in subsidy and one year of free access to NOP+ (Navigate on Pilot Plus) driver assistance feature.
Customers who purchase the car based on the BaaS model can enjoy the next bill free of charge for every 4 BaaS bill payments. They can also get 60 experience vouchers to use battery swap for free.
($1 = RMB 7.2469)