Nio launches first electric sedan mannequin as Tesla delivers China-constructed SUV

CHENGDU, China/SHANGHAI (Reuters) – China’s electric vehicle (EV) maker Nio Inc on Saturday launched its first sedan mannequin, eyeing a bigger half of the enviornment’s biggest vehicle market.

The beginning of the ET7, at an match in China’s western city of Chengdu, comes as rival Tesla started selling its China-made Mannequin Y sport-utility vehicle.

Nio is aiming to design bigger its product lineup to plan more customers. In China’s passenger vehicle market, sedans and SUVs separately design up round 46% of the total gross sales.

Chief executive William Li said Nio’s new battery expertise will give the ET7 a power vary of over 1,000 kilometres (621 miles) between charges.

Nio, which delivered 43,728 vehicles remaining yr, has a market capitalisation of over $92 billion, surpassing aged automakers Daimler AG and Frequent Motors Co as merchants pour billions of buck in pursuit of electrical future.

It is currently selling three SUV gadgets constructed at vehicle manufacturing facility in China’s eastern city of Hefei.