CHENGDU, China / SHANGHAI (Reuters) – Chinese electric vehicle (EV) maker Nio Inc on Saturday launched its first sedan model, seeking a bigger share of the world’s largest car market.
The launch of the ET7 at an event in the western city of Chengdu came when rival Tesla started selling its Chinese-made Model Y sport utility vehicle on the Chinese market.
Nio intends to expand its product line to attract more customers. In the Chinese passenger car market, sedans and SUVs each account for about 46% of total sales.
Chief Executive William Li said Nio’s new battery technology will give the ET7 a range of more than 1,000 kilometers (621 miles) between charges.
The starting price will be 378,000 yuan ($ 58,378) for the car without the battery, one of the most expensive EV components, which can then be rented from the company. With the battery, the starting price is 448,000 yuan.
Li said the ET7 will be equipped with handle sensors – which help the car to understand what’s around, and are often found in self-driving cars – to assist drivers, a technology rejected by Tesla Inc’s outspoken chief Elon Musk.
The Californian automaker, which is selling Shanghai-made Model 3 sedans, has just started selling its Model Y vehicles at a starting price of 339,900 yuan. He uses cameras for driver assistance.
Nio, which delivered 43,728 vehicles last year, has a market capitalization of more than $ 92 billion, surpassing conventional automakers Daimler AG and General Motors Co. Investors have injected billions of dollars into the development of electric vehicles.
She is currently selling three models of SUVs built at an auto factory in the eastern Chinese city of Hefei.
Nio’s rival, Xpeng Inc, also said on social media on Thursday that it plans to launch a new sedan model. He currently has a sedan and an SUV on his lineup.
Reporting by Yilei Sun and Brenda Goh; Editing by Mike Harrison and Jan Harvey