Tesla China rival Nio ups competition with new electric Sedan at $69,000

The all-electric sedan ET7, launched by Nio founder and CEO William Li at a company event in Chengdu on Saturday evening, will start at 448,000 yuan ($69,193) before government subsidies

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

The all-electric sedan ET7, launched 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.

Nio also launched a bigger volume battery pack that can improve driving range, an upgraded autopilot system