CHENGDU, CHINA / SHANGHAI (Reuters) – Chinese electric vehicle (EV) manufacturer Nio Inc on Saturday launched its first sedan model, taking a look at a larger share of the world’s largest car market.
The launch of the ET7, at an event in the western Chinese city of Chengdu, comes as competitor Tesla began selling its Model Y sports utility vehicle in China.
Nio aims to expand its product line to attract more customers. In the passenger car market in China, standalone sedans and SUVs make up about 46% of total sales.
Chief executive William Li said Nio’s new battery technology will give the ET7 a driving range of more than 1,000 kilometers (621 miles) between charges.
Nio, which delivered 43,728 vehicles last year, with a market capitalization of more than $ 92 billion, surpasses ordinary traders Daimler AG and General Motors Co as investors pour in billions of dollars for being seeking electricity in the future.
It currently sells three SUV models built at a car factory in the eastern Chinese city of Hefei.
Reciting with Yilei Sun and Brenda Goh; Edited by Mike Harrison