CHENGDU, China / SHANGHAI (Reuters) – Chinese electric vehicle (EV) manufacturer Nio Inc. launched its first sedan on Saturday, following a larger share of the world’s largest car market.
The launch of ET7, at an event in the western Chinese city of Chengdu, comes as rival Tesla began selling its Y-model sports utility vehicle made in China.
Nio aims to expand its product range to attract more customers. In the Chinese car market, sedans and SUVs account for about 46% of total sales.
Executive Director William Li said the new Nio battery technology will give the ET7 a 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., while investors are pouring in billions of dollars in search of an electric future.
It currently sells three SUV models built at the car factory in the eastern city of Hefei in China.
Reporting by Yilei Sun and Brenda Goh; Montage by Mike Harrison