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NIO, the Chinese Electric-Vehicle Startup, Unveils New ET7 Sedan

SHANGHAI—Chinese electric-vehicle startup NIO Inc. unveiled its fourth production model Saturday, as it prepares to face the challenge of Tesla Inc.’s locally built Model Y crossover, which launches in China in the coming weeks.

At the company’s annual “NIO Day” in the western city of Chengdu, Chief Executive William Li said the luxury ET7 sedan, costing between $69,185 and $81,230 depending on the configuration, would be a “cozy living room” with new autonomous-driving capabilities and features including seats with inbuilt massage functions. The car will be available in early 2022.

“In 2021, we will strive to live up to the expectation and keep moving forward,” Mr. Li said at the launch.

Mr. Li also debuted several new technologies, including a more powerful 150 kilowatt-hour battery pack—an improvement on the 100 kWh battery pack the company launched in November—which will give NIO’s vehicles a claimed range of more than 621 miles.

By comparison, Tesla’s Model 3 has a claimed range of 263 miles for the standard version, and 353 miles for the long-range version.

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