Chinese electric sedan to compete with Tesla: Check out the launch price

Beijing : Chinese electric vehicle (EV) maker Nio Inc has launched their first electric sedan in the market with an aim to make a mark in the competitive market segment of E vehicles. The company launched ET7 at an event in the western city of Chengdu. Interestingly, the launch comes at a time when its rival Tesla has just begun sales of its China-made Model Y sport-utility vehicle in the Chinese market. 

Nio has plans to extend its line-up in the market to attract more customers in the market. 

If we talk about sale figures, the SUVs and sedans have a market share of around 46 per cent in the Chinese market. Nio's ET7 comes with a massive drive range of over 1,000 km (621 miles) between charges.

According to media reports, the car has been priced at 378,000 yuan ($58,378) without the battery pack, one of the most expensive EV components, which can then be leased from the company. With the battery pack, the starting price is 448,000 yuan. 

Li announced that the ET7 will be fitted with lidar sensors - which help the car perceive its surroundings, and are often found in autonomous cars - to assist drivers, a technology dismissed by Tesla Inc's outspoken chief Elon Musk. 

Tesla, which is selling Shanghai-made Model 3 sedans, has just started selling its Model Y vehicles at a starting price of 339,900 yuan. It uses cameras for driver assistance.

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