CHENGDU, China / SHANGHAI (Reuters) – Chinese electric vehicle (EV) manufacturer Nio Inc. launched its first sedan model on Saturday, with the largest share of the world’s largest car market.
The launch of ET7, at an event in the western Chinese city of Chengdu, comes when rival Tesla began selling its Chinese-made Model Y sports vehicle.
Nio aims to expand its product range to attract more customers. In the Chinese passenger car market, sedans and SUVs account for 46% of global sales separately.
Executive Chairman William Li said Nio’s new battery technology will give the ET7 a disk range of more than 1,000 kilometers (621 miles) between charges.
Nio, which delivered 43,728 vehicles last year, has a market capitalization of more than $ 92 billion, surpassing conventional carmakers Daimler AG and General Motors Co., as investors pour billions of dollars into the search for the electric future.
It currently sells three SUV models built at the car factory in the eastern city of Hefei, China.
Reports by Yilei Sun and Brenda Goh; Edited by Mike Harrison