CHENGDU, China/SHANGHAI (Reuters) – China’s electric vehicle (EV) maker Nio Inc on Saturday launched its first sedan model, eyeing a greater share of the world’s largest car market.
The launch of the ET7, at an event in China’s western city of Chengdu, comes as rival Tesla started selling its China-made Model Y sport-utility vehicle.
Nio is aiming to expand its product lineup to attract more customers. In China’s passenger car market, sedans and SUVs separately make up around 46% of the overall sales.
Chief executive William Li said Nio’s new battery technology will give the ET7 a drive range of over 1,000 kilometres (621 miles) between charges.
Nio, which delivered 43,728 vehicles last year, has a market capitalisation of over $92 billion, surpassing conventional automakers Daimler AG and General Motors Co as investors pour billions of dollar in pursuit of electric future.
It is currently selling three SUV models built at car factory in China’s eastern city of Hefei.
Reporting by Yilei Sun and Brenda Goh; Editing by Mike Harrison