Chinese electric car maker (EV) NIO (New York Stock Exchange: NIO) The ET7 unveiled its new luxury sedan in 2021 „NIO day” Over the weekend, to clarify that Tesla (Nasdaq: TSLA) It will see more competition coming for its Shanghai-produced cars.

ET7 will be available early next year, and it has some complex features. The sleek exterior includes self-driving sensors, a „crystal-like” taillight, an all-glass roof, and a digital entry system that extends the flow handle and automatically releases an „electronic latch” when approaching the driver.

Founder and Chairman William Lee described the interior design as a „second living room concept”. The design features renewable straw, which is a natural alternative to plastic, and has a distinctive natural texture throughout. Lee described the tropical materials as providing a „natural and green experience”.

The ET7, which will be NIO’s first sedan, comes equipped with a larger 150 kWh battery. It will provide a range of about 621 miles, according to the company. That’s way beyond Tesla’s Model S maximum range of 402 miles, plus Lucid Motors Air Sedan Group 517 miles.

The Chinese electric car market is rising rapidly. I mentioned NIO Standard delivery fourth quarter 17,353 vehicles – more than double the period of the previous year. Chinese competitors Li Auto And the XPeng He also announced a record delivery. The largest electric car maker in China, backed by Warren Buffett Globalism (OTC: Yes), It sold more than 77,000 vehicles in the fourth quarter.

Tesla is also ramping up its offerings in the country, as it has begun production of the Model Y SUV at its Shanghai plant. Ahead of any subsidies, and with a smaller 70 kWh battery pack, NIO’s new ET7 will start around $ 69,000.