Chinese electric car maker Nio launched its first sedan model, called ET7, on Saturday, as it looks to a greater share of the global auto market.
The car features independent driving sensors integrated into the vehicle's body.
The launch of "ET7" came as rival "Tesla" started selling its Chinese-made "Y" SUV in the Chinese market.
Neo aims to expand its product range to attract more customers;
Sedans and SUVs account for about 46% of total sales in the Chinese passenger car market.
Chief Executive William Lee said the new battery technology in NEO gives the ET7 a driving range of more than 1,000 km between charges.
The price of the car starts at $ 58,000 for a car without a battery, and it is one of the most expensive components of electric vehicles, which can then be leased from the company, while its price with the battery starts from $ 69,000.
He told me that the ET7 will be equipped with lidar sensors, which help the car to perceive its surroundings, and which are often found in self-driving cars to assist drivers, a technology rejected by Tesla chief Elon Musk.
Fifth generation technology
The car also features fifth generation (5G) technology, with Wi-Fi 6 (Wi-Fi 6), Bluetooth 5.2 (Bluetooth 5.2), and there is also a 7.1.4 audio system, with 23 speakers.
And Tesla - which sells model 3 sedans, made in Shanghai - began selling its "Y" car at a starting price of $ 52,000, and uses cameras to assist the driver.
The market value of "New" - which delivered 43,728 vehicles last year - is more than $ 92 billion, surpassing the traditional automakers, such as: Daimler and General Motors.
The company currently sells 3 models of the SUV that were manufactured in a car factory in Hefei (eastern China).
"Xpeng", a competitor to "Niu", said it plans to launch a new sedan model, and it currently has a sedan and an SUV in its lineup.
The cost of buying an AT7 with a 70 kW battery is $ 69,000, and a car with a 100 kW battery costs $ 78,000.
It reduces the cost of purchasing IT7 without a battery (ie subscribing to the Neo battery as a service) to:
A 70 kW battery is priced at $ 59,000, with a $ 150 monthly subscription.
A 100 kW battery is priced at $ 59,000, with a $ 230 monthly subscription.