Nio, Inc. (NYSE:NIO) stock is retreating in Wednesday's session following a virtual product launch highlighted by the premiere of the ES7 SUV. 

What You Need To Know About The Nio ES7: Nio's founder and chief executive officer William Li unveiled ES7 with the tagline "far beyond," which promises most superior performance, visual appeal, a luxury experience and utility.

Nio said it has a distinctive SUV design language, with sophisticated wheel arches that increase the ES7's road presence. The double-dash DRL in the front is met by the "Air Wing" taillight, which adds visual width.

The company also announced a Nio Digital System that includes a smart hardware and computing platform, an operating system called Banyan, smart algorithms and smart applications.

Nio Aquila super sensing and Adam computing make up the smart hardware and computing platform. The ES7 will come with the latest Nio autonomous driving (NAD).

PanoCinema will come standard with the ES7, and the model will have an AR/VR compatible cockpit system.

Performance Metrics:

-High-efficiency, e-drive platform with SiC power module
-Accelerating from 0 to 100 kilometer/hour within 3.9 seconds
-100 to 0 km/hour braking within 33.9 meters
-Drag coefficient: as low as 0.263
-CLTC range – 485 km with 75-kilo-watt hour (kWh) standard-range battery, 620 km with 100-kWh long-range battery and over 850 km with 150 kWh ultra-long-range battery.

Related Link: What's Next For Nio: 4 Things The Chinese Automaker Is Planning

The ES7's Towing Ability: Li touted ES7 as the first certified passenger vehicle in China to be able to tow a trailer or trailer. The optional electric tow bar has a maximum towing capacity of 2,000 kg. The ES7 is capable of supplying power to the towed equipment.

ES7 Pricing: The ES7 pricing starts at 468,000 yuan ($69,700) before subsidies for a 75-kWh battery capacity. For 100-kWh battery, the price is 526,000 yuan. The pre-subsidy price of the ES7 Premier Edition is 528,000 yuan.

With a battery-as-a-service subscription, the down payment becomes more affordable but it comes with a monthly subscription fee.

The company also announced some freebies for early ES7 users. All existing Nio users get 7,000 yuan off and 30,000 Nio Points for ES7 purchases.

The company began accepting preorders for the vehicle on the Nio app effective immediately. Deliveries are expected to begin Aug. 28.

Existing Nio Models Upgraded: Nio also announced the 2022 models of its ES8, ES7 and EC6 vehicles. These will come with the company's Alder Digital System.

The upgrades, according to the company, include a digital cockpit controller, sensor hardware, enhanced computing/sensing capabilities and greater flexibility for future functions. These come with over 100 comfort, safety and smart features.

The company also announced the ES8 Landmark Edition Pilot, with a six-seat layout and an exclusive design package.

NIO Price Action: At last check, Nio stock was trading 0.48% higher at $18.75, according to Benzinga Pro data.

Photo courtesy of Nio.