In China the Tesla Model X costs 836,000 yuan for Tesla's Model X, and the gasoline powered BMW X5 costs 596,300 yuan.

The seven-seater ES8 can accelerate to 100 kilometers per hour (62 mph) in 4.4 seconds, according to the company. The braking distance of the SUV, equipped with 5 millimeter wave radars, is 33.8 meters (111 feet).

Owners of the ES8 can charge their car by swapping batteries at power-swap stations in three minutes or recharge with the help of "Power Mobile" service vehicles that travel to motorists.

NIO has raised more than $1 billion from investors led by Tencent Holdings. NIO is preparing for its next phase of growth in the world's biggest electric-car market. In addition to Tesla, the company will be competing against homegrown rivals such as BYD Co., as well as industry giants Volkswagen AG and General Motors Co.