CHENGDU, China / SHANGHAI (Reuters) – Chinese electric vehicle (EV) manufacturer Nio Inc launched its first sedan model on Saturday, covering more 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 began selling its China-made Model Y SUV in the Chinese market.
Nio is committed to expanding its product range 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 driving 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 pack, one of the most expensive EV components, which can then be leased from the company. With the battery pack, the starting price is 448,000 yuan.
Li said the ET7 will be equipped with lidar sensors – which help the car perceive its surroundings and are often found in self-driving cars – to aid drivers, a technology rejected by Tesla Inc’s outspoken chief Elon Musk.
The California automaker, which sells Shanghai-made Model 3 sedans, has just started selling its Model Y vehicles at a starting price of 339,900 yuan. It uses cameras for driver assistance.
Nio, which delivered 43,728 vehicles last year, has a market capitalization of more than $ 92 billion, allowing it to compete with conventional automakers Daimler AG and General Motors Co. exceeds. Investors have invested billions of dollars in the development of electric vehicles.
It currently sells three SUV models built at a car factory in the eastern city of Hefei, China.
Nio’s rival Xpeng Inc also said on social media on Thursday that it plans to roll out a new sedan model. It currently has a sedan and an SUV in its range.
Reporting by Yilei Sun and Brenda Goh; Editing by Mike Harrison and Jan Harvey