CHENGDU, China/SHANGHAI (Reuters) – Chinese language electrical car (EV) maker Nio Inc on Saturday launched its first sedan mannequin, eyeing a higher share of the world’s largest automotive market.
The launch of the ET7, at an occasion within the western metropolis of Chengdu, got here as rival Tesla began promoting its China-made Mannequin Y sport-utility car within the Chinese language market.
Nio is aiming to develop its product lineup to draw extra clients. In China’s passenger automotive market, sedans and SUVs every make up round 46% of total gross sales.
Chief Govt William Li mentioned Nio’s new battery know-how will give the ET7 a drive vary of over 1,000 kilometres (621 miles) between costs.
The beginning worth might be 378,000 yuan ($58,378) for the automotive with out the battery pack, one of the costly EV elements, which might then be leased from the corporate. With the battery pack, the beginning worth is 448,000 yuan.
Li mentioned the ET7 might be fitted with lidar sensors – which assist the automotive understand its environment, and are sometimes present in autonomous automobiles – to help drivers, a know-how dismissed by Tesla Inc’s outspoken chief Elon Musk.
The Californian automaker, which is promoting Shanghai-made Mannequin three sedans, has simply began promoting its Mannequin Y automobiles at a beginning worth of 339,900 yuan. It makes use of cameras for driver help.
Nio, which delivered 43,728 automobiles final yr, has a market capitalisation of over $92 billion, surpassing standard automakers Daimler AG and Normal Motors Co. Traders have poured billions of {dollars} into electrical car improvement.
It’s at present promoting three SUV fashions constructed at a automotive manufacturing facility in China’s japanese metropolis of Hefei.
Nio’s rival Xpeng Inc additionally mentioned on social media on Thursday that it plans to roll out a brand new sedan mannequin. It at present has a sedan and an SUV in its lineup.
Reporting by Yilei Solar and Brenda Goh; Enhancing by Mike Harrison and Jan Harvey
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