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.
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 ($69,185).