NIO launches ES9 SUV at RMB 498,000, undercutting pre-sale by 5.7%

NIO's ES9 is China's largest battery-electric SUV and its most aggressive pricing move yet in the premium segment.

NIO on Wednesday launched the ES9, a three-row executive SUV that undercuts its own April pre-sale pricing by RMB 30,000 (~$4,100), as the Chinese EV maker fights for share in a market where premium rivals from BMW, Mercedes and Li Auto are all competing for the same buyer.

"The ES9 represents our deepest product yet in the executive luxury segment, combining NIO's full technology stack with a price point that reflects our commitment to volume growth," William Li, NIO's chief executive officer, said at the Shanghai launch event.

The ES9 measures 5,365 mm long on a 3,250 mm wheelbase — 179 mm longer than a Cadillac Escalade IQ's wheelbase — making it the largest battery-electric SUV produced in China. A dual-motor all-wheel-drive system delivers 520 kW (697 hp) and 700 Nm of torque, pushing the 2.8-ton vehicle from zero to 100 km/h in 4.3 seconds. The 102 kWh CATL battery pack provides up to 620 km of CLTC range, while NIO's 900-volt architecture enables 5C ultra-fast charging alongside its signature three-minute battery swap.

NIO shares surged 8.4% on the Hong Kong Stock Exchange to HKD 45.22 and 9.3% on the NYSE to $5.75, reflecting investor optimism that the ES9 can reverse a sharp deceleration in delivery growth. After posting 98% year-over-year delivery growth in the first quarter, NIO's growth slowed to 22.8% in April — a trajectory the company needs the ES9 to reverse.

The ES9 is available in three trims. The Executive Premium Edition starts at RMB 498,000 ($69,000), or RMB 390,000 ($54,000) under NIO's Battery-as-a-Service rental model, which cuts the upfront cost by RMB 108,000 ($15,000). The Executive Signature Edition is priced at RMB 558,000 ($77,000), and the range-topping Horizon Edition at RMB 628,000 (~$87,000). Every trim is RMB 30,000 cheaper than the pre-sale figures NIO announced in April — a 5.7% discount on the base model that signals aggressive volume ambitions.

The pricing positions the ES9 directly against the BMW iX (starting around $93,000 in the US) and the Mercedes EQS SUV (from roughly $85,000), while undercutting both on size and features. The Li Auto L9, its closest Chinese rival in the premium family SUV segment, starts at about RMB 429,800 — but the ES9 targets a different buyer: the chauffeur-driven executive, not the family-hauling parent.

Technology Stack as a Competitive Moat

NIO packed the ES9 with more than 40 industry-first technologies, according to the company. The vehicle runs on a 5-nanometer automotive-grade smart driving chip (NX9031) and includes a 48-volt integrated hydraulic fully active suspension system, steer-by-wire with rear-wheel steering that enables a 5.4-meter turning radius, and a 47-speaker LYRA sound system pumping 3,020 watts. The smart driving suite uses 31 sensing units and NIO's WorldModel-powered Navigate on Pilot Plus (NOP+), which the company says now handles tidal lanes and reversible lanes — dynamic traffic management systems common in Chinese cities.

The second row features zero-gravity executive seats with a 42-point massage system and liquid crystal smart dimming windows that switch from transparent to opaque in 17 milliseconds. A center console integrates dual 16-inch screens, a conferencing system and a magnetic tea tray — features aimed squarely at China's executive transport market, where rear-seat comfort and productivity tools command premium pricing.

Battery Swap as the Decisive Advantage

NIO's battery swap network remains its strongest differentiator. The company recently set a record of nearly 176,000 swaps in a single day and has surpassed 100 million cumulative swaps. For an SUV with a 102 kWh pack, the ability to swap a full battery in three minutes instead of waiting at a charger is a tangible advantage over competitors that rely solely on plug-in charging. NIO plans to deploy more than 1,000 new Power Swap Stations this year, with fifth-generation stations rolling out at scale in the third quarter.

What This Means for Investors

The ES9 is a margin story as much as a volume story. At RMB 498,000-plus, it targets the high-margin executive segment where pricing power is stronger than in NIO's mainstream ONVO lineup. If the ES9 can lift NIO's average selling price and gross margin simultaneously, it could help the company address its most persistent challenge: profitability. NIO has crossed 1.1 million cumulative deliveries but has yet to post a full-year net profit.

Basketball legend Yao Ming appeared at the launch as the ES9's "Chief Experience Officer," as NIO pushes to position the vehicle as a status symbol for China's business elite. The company's ability to convert that branding into sustained delivery volume — and ultimately, profitability — will determine whether the ES9 becomes a turning point or just another technically impressive vehicle in a long line of them.

This article is for informational purposes only and does not constitute investment advice.