CHENGDU, China / SHANGHAI (Reuters) – China’s electric vehicle (EV) manufacturer, Nio Inc., unveiled its first sedan model on Saturday, with a larger share of the world’s largest car market.
The launch of the ET7 during an event in the western city of Chengdu in China, comes with rival Tesla launching its China-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 make up about 46% of total sales.
CEO William Li said Nio’s new battery technology would give the ET7 a ride of more than 1,000 kilometers (621 miles).
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 pushing billions of dollars in the pursuit of an electric future.
It currently sells three SUV models built in a car factory in the eastern city of Hefei in China.
Reporting by Yilei Sun and Brenda Goh; Edited by Mike Harrison