Nio launches first electric sedan model as Tesla delivers China-built SUV

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Shanghai

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..— Reuters