• Nio ET7 is set to compete BMW’s 5-series, Mercedes-Benz E-class, and Audi’s A6 sedans.
• The company has till date delivered more than 43 thousand vehicles and boasts of a market capitalization of USD 92 billion, exceeding valuations of conventional General Motors and Daimler AG.

Looking up at its rivals unveiling best-ever electric sedans and SUVs, Nio- a Chinese automobile firm, has recently announced taking on the gasoline market with an inherent launch of its first ever electric sedan model- ET7 at an event in the western city of Chengdu. With this launch, the automaker is targeting to expand its product lineup to attract more customers across the Chinese passenger vehicles market.

Priced at USD 58,378 without the battery pack and nearly 448,000 yuan with the battery pack, Nio’s ET7 is anticipated to have a strong hold in the Chinese sedan market as it is incorporated with a new battery technology which gives it a drive range of about 1,000 kilometers between charges. It has been reported that the model will be fitted with lidar sensors to assist drivers.

Nio, which delivered about more than 43 thousand vehicles last year, has a market value of over USD 92 billion, which is relatively more than that of traditional and well-known automakers, General Motors and Daimler AG.

Moreover, investors from around the globe have poured in billions of dollars of investments into the EV development of ET7, which according to William Li, CEO of Nio, is not a bigger deal.

It would be essential to note that the firm is currently selling 3 SUV models built at the car factory in China’s Hefei province. Apart from Tesla’s recent launch of EV sedan, Nio’s second most rival company- Xpeng Inc. had last week revealed its plans of launching a new sedan model given the proliferating demand for such models worldwide.

Source Credit:  https://www.livemint.com/auto-news/nio-launches-first-electric-sedan-model-as-tesla-delivers-china-built-suv-11610284536921.html