China electric vehicle maker Nio Inc. has introduced a new electric sedan that might have the farthest range of all EVs.
Nio launched three versions of its NIO ET7 electric vehicle. The highest range model - powered by a 150 kilowatt-hour battery - is capable of around 1,000 kilometers (621 miles) on a single charge.
The standard edition of the ET7 costs 448,000 yuan ($69,184) before government subsidies. The model has a driving range of 500 kilometers using its 70 kilowatt-hour battery. The model's range is 7% more than Tesla's China-made Model 3.
Next up the range is the premier edition costing 536,000 yuan. It can go for up to 700 kilometers using its 100 kilowatt-hour battery pack.
Nio hasn't published prices for the extended range version. The ET7 is Nio's third model since it was founded more than six years ago.
"We will continuously invest in products and technologies and speed up the development of our service network, thereby bringing a better experience of smart electric vehicles to users," Nio founder and chief executive William Li Bin said during the launch in Chengdu.
The new models are part of Nio's push to gain a greater share of the world's largest market for new-energy vehicles. Competition in China is stiff with other manufacturers introducing new models to meet China's goal of having one in every five cars powered by nonfossil fuels by 2025.
Tesla is selling its Shanghai-made Model 3 and its Model Y in China. Xpeng Motors will launch a new lidar-based autonomous driving system.
On Monday Baidu announced it would partner with the country's largest carmaker Geely Automobile to establish a new EV subsidiary.
