Chinese automaker NIO (formerly NextEV) officially launched its first true production car, an all-electric dual-motor SUV called the ES8, over the weekend. The car debuted in concept form earlier this year at the Shanghai Motor Show, but NIO finally shared the key details about the car like price and range. The ES8, which will go into production next year, starts at 448,000 Chinese yuan ($68,000 USD), and the base model will have a range of 355 kilometers (about 220 miles).
That price is about half of what Tesla’s Model X retails for in China, and that’s before subsidies and incentives that can bring down the cost of the ES8 by at least another $6,600. While Tesla has sold its cars in China for a few years, they aren’t eligible for these incentives and subsidies because they’re imported. The California EV company has been trying to get around these restrictions, which were put in place by the Chinese government in order to promote its own companies. It was recently reported that Tesla has reached an agreement to build a factory in China, while other automakers have formed partnerships with existing Chinese manufacturers in order to tap into the large market.