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CHENGDU, China / SHANGHAI (Reuters) – Chinese electric vehicle (EV) maker Nio Inc launched its first sedan model on Saturday, seeking a greater share of the world’s largest car market.
The ET7’s launch, at an event in western China’s Chengdu city, comes as rival Tesla began selling its Chinese-made Model Y sport utility vehicle.
Nio aims to expand its product line to attract more customers. In the Chinese passenger car market, sedans and SUVs separately account for around 46% of overall sales.
Managing Director William Li said that Nio’s new battery technology will give the ET7 a range of over 1,000 kilometers (621 miles) between charges.
Nio, which shipped 43,728 vehicles last year, has a market cap of over $ 92 billion, overtaking conventional automakers Daimler AG and General Motors Co as investors pour billions of dollars in pursuit of an electric future.
It currently sells three SUV models built at an auto plant in Hefei, east China.
Reporting by Yilei Sun and Brenda Goh; Edited by Mike Harrison
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