Nio unveils executive EV to take on Panamera

Goals achieved: Employees at a Nio factory in Hefei, China. The company has completed the target of building 1,000 power swap stations in 2023. — AFP

SHANGHAI: Chinese electric carmaker Nio Inc has unveiled a flagship sedan at its annual customer event on Saturday, with the vehicle set to take on Porsche AG’s Panamera series and Mercedes-Benz Group AG’s luxury S range.

The four-seater executive sedan dubbed ET9 is expected to start delivery in the first quarter of 2025, with an estimated starting price at around 800,000 yuan (US$112,000). It is more expensive than Tesla Inc’s Model S, which starts at 698,900 yuan in China.