CHENGDU, China/SHANGHAI — Chinese 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 crossover.
Nio is aiming to expand its product lineup to attract more customers. In China’s passenger car market, sedans and utility vehicles separately make up around 46 percent of the overall sales.
CEO William Li said Nio’s new battery technology will give the ET7 a driving range of more than 621 miles between charges.
Nio, which delivered 43,728 vehicles last year, has a market capitalization of over $92 billion, surpassing conventional automakers Daimler and General Motors as investors pour billions of dollar in pursuit of electric future.
It is currently selling three utility vehicles built at car factory in China’s eastern city of Hefei.
