Shanghai (ZXZC)- NIO, a China's electric vehicle (EV) startup, will unveil its 3rd production model dubbed ES3 in 2019, according to local media. The ES3 is positioned to be a 5-seat compact SUV with the same class as Audi Q3.

The startup plans to officially sell the ES3 in China's market in 2020. Up to now, the details about the new model's dimension and powertrains have not been exposed yet. In accordance with NIO's planning, the ES3, positioned below the ES8 and ES6, is designed to possess a sales volume accounting for one third of the company's total sales and achieve annual sales up to 200,000 units in 2022. In order to boost sales, the ES3's starting price may be around RMB 200,000.

Under a sound capital conditions, NIO will be listed on the U.S. in this year with an expected fund-raising number up to RMB 2 billion. The capital the company raises will be used in the construction of NIO's self-owned plant.

According to local media, NIO is going to build its own plant in Jiading District, Shanghai rather than jointly establishing a plant with Jianghuai Automotive, just like its first plant in Hefei. It is expected that the ES3 will be produced in the new plant.