“We’re entering real market competition now, so we need to set a price that’s truly competitive—a price that fits.”
That was William Li’s response during a livestream last Saturday, when asked about pricing for the third-generation ES8. His words carried a hint that the SUV may debut at a figure few had expected.
With the ONVO L90 making waves ahead of it, NIO has shown a willingness to adapt. Naturally, expectations for the ES8’s successor have grown higher. Over the past week, speculation around its pricing has become one of the hottest topics among users and media alike.
The challenge is clear: NIO must differentiate the ES8 from the ONVO L90, leave room for the upcoming ES9, and still strike a balance between new buyers and existing owners. This balancing act is no small task.
For nearly a decade, the ES8 has stood as NIO’s flagship SUV. Now, entering its third generation, the question is: what kind of pricing strategy will NIO adopt for its six-seat all-electric SUV? And just how big is the market it’s aiming for?
“Absolutely Worth Over RMB 500,000 ($69,600)”
The biggest debate around the new ES8 centers on whether it will break into the RMB 500,000 ($69,600) segment.
Two weeks ago, a screenshot circulated showing NIO’s user operations chief Yang Bo telling a WeChat group that the new ES8 would be a “$69,600-class product” with a 100 kWh battery and three LiDAR sensors as standard.
But when Hu Ting from EV Commune joked during the livestream that she had dreamed of Li revealing a RMB 528,000 ($73,500) price under Mount Everest, Li was visibly startled, blurting out an anxious “Huh?” before quickly repeating: “No, no, no.”
His reaction suggested the price may not reach that high.
More telling, perhaps, was what followed. Li said the ES8 would “absolutely be worth more than $69,600,” but then shifted to emphasize how NIO has improved internal efficiency and optimized its cost structure. He pointed to the ONVO L90—a full-size SUV launched at a surprisingly low price yet still carrying “reasonable margins”—as proof of NIO’s progress.
The L90, a culmination of ten years of in-house R&D and tighter cost control, showed that NIO is finally ready to fight head-on in the mass market.
Consumers are hoping the ES8 will repeat that formula: upgraded specs, but with a price tag that surprises on the low side.
Li’s repeated remarks about setting “a truly competitive price,” his stress on efficiency gains, and his promise to “give existing NIO users something extra” all hint at a pricing strategy designed to win both hearts and market share.
So will the ES8 start with a “4” in front, as some predict? Or will it remain aligned with its flagship image at the $69,600 mark?
Looking back, the first-gen ES8 launched at RMB 448,000 ($62,400), the second-gen at RMB 528,000 ($73,500), and the current model starts at RMB 498,000 ($69,300)—or RMB 428,000 (59,600) under the BaaS battery rental scheme.
That pricing preserved the ES8’s flagship aura, but sales never matched expectations, averaging under 1,000 units per month.
For a company aiming to turn profitable by Q4, NIO may have no choice but to push harder.
The Competition
Pricing the new ES8 aggressively is not just about NIO’s bottom line. The six-seat full-size EV SUV market is changing fast.
This time, the ES8 won’t primarily face extended-range rivals like Li Auto’s L8 or L9. Instead, its biggest benchmarks are expected to be AITO’s all-electric M8 and M9.
For reference, the AITO M9 six-seat EV sells for RMB 509,800 ($70,980)–RMB 569,800 ($79,300), while the five-seat starts at RMB 549,800 ($76,500). The yet-to-launch AITO M8 EV carries a presale range of RMB 378,000 ($52,600)–RMB 468,000 ($65,160).
Chances are, the ES8’s price and specs will be positioned directly against these models, which have recently dominated China’s large SUV segment.
In this battle, NIO can lean on its design, user services, charging and swapping network, and its BaaS battery leasing model. AITO, meanwhile, has an edge in brand awareness and consumer recognition of its smart features. Each side has strengths the other will need to contend with.
Still, NIO faces ongoing challenges in explaining and expanding its battery swapping model, as well as building stronger brand trust beyond its core user base.
Li himself is working on that. His recent trek to Mount Everest sparked questions like, “This has nothing to do with why I’d buy a car.” Similar doubts surfaced during NIO’s 150 kWh battery range test and other livestreams.
Li’s explanation was consistent: he wants to prove that even in the toughest regions of northwest China, a pure EV can travel with confidence—thanks to NIO’s charging and swapping infrastructure.
As one of the few automakers still committed solely to pure-electric power, NIO has weathered years of skepticism. The real question now is whether 2025 is the year it can finally turn the narrative in its favor.
The answer may come on August 21, when NIO officially unveils the third-generation ES8 at its tech launch event.
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