Hyperdrive

Tesla China Rival Nio Ups Competition With New Electric Sedan

Nio also unveiled an improved battery pack, autopilot system
2020 was a stellar year for the Chinese electric-car startup

WATCH: Nio CEO William Li says he sees the all-electric sedan ET7 more as a rival to Tesla's Model S if comparisons are to be made.(Source: Bloomberg)

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By Bloomberg News

January 9, 2021 at 1:41 PM UTC

This article is for subscribers only.

Chinese electric-car maker Nio Inc. is pitting itself further against market leader Tesla Inc., unveiling its first sedan in direct competition with the U.S. company’s most popular model and other international rivals.

The all-electric sedan ET7, released by Nio founder and Chief Executive Officer William Li at a company event in Chengdu on Saturday evening, will start at 448,000 yuan ($69,193) before government subsidies. That compares with 265,740 yuan for an entry-level Tesla Model 3, built in China. Deliveries will start from the first quarter of 2022.