Chinese automaker Nio is continuing its European expansion with new models, but also ending free battery swapping in a bid to increase profitability.
Nio last week unveiled its first wagon, the ET5 Touring. It's a wagon version of the ET5, a sedan close in size to the Tesla Model 3 that was unveiled in 2021. The ET5 sedan already competes against the Model 3 in Nio's home market, but the addition of a wagon body style will likely increase appeal in Europe, where wagons remain popular.
In Europe, the ET5 Touring will be offered with a 75-kwh battery pack providing an estimated 270 miles of WLTP range, or a 100-kwh pack that boosts range to 347 miles. Nio hasn't discussed pricing for Europe, but a battery subscription service will allow customers to pay less for a vehicle by leasing the battery.
2024 Nio ET5 Touring
A dual-motor all-wheel drive powertrain generates 482 hp, which Nio estimates will get the Touring from 0-62 mph in 4.0 seconds.
The ET5 Touring measures 188 inches long with a 113.7-inch wheelbase. That opens up 45.9 cubic feet of storage space when the rear 40/20/40 split-folding bench seat is down, according to Nio—a generous amount of cargo space for a modern wagon.
A panoramic glass roof roughly spanning the length of the interior is included as well, with a dimming option in case sunlight becomes too harsh. Like the Model 3, the dashboard is largely bare save for screens. Most functions are controlled through a 12.8-inch touchscreen, while a second screen acts as a digital instrument cluster.
2024 Nio EL6
Nio is also bringing a new electric SUV called the EL6 to Europe. Slightly longer than the ET5 Touring, it has the same dual-motor all-wheel drive powertrain, with an estimated 0-62 mph time of 4.5 seconds. Nio estimates a 328-mile WLTP range.
Both the ET5 Touring and EL6 are being sold in Germany, the Netherlands, Sweden, and Denmark. The EL6 is currently available to order—including via subscription—while ET5 Touring deliveries for the European market are scheduled to start later in the year.
2024 Nio EL6
Nio has just been rolling out battery swapping to Europe this year and is speeding it up, but a recent Reuters report said the automaker will end free battery swapping, as well as cut prices in its home market in response to a sales slide. The report noted that the battery-swapping stations have been criticized by investors as a drag on profitability.
This may be the start of a shift for battery swapping toward a premium service, rather than an included perk, as Nio continues to focus on charging infrastructure. Customers have access to more than 400,000 third-party chargers in Europe, according to the company.
