DOMESTIC electric-car upstart Nio Inc. unveiled Saturday its second sedan, which will compete more directly against Tesla Inc.’s most popular Model 3.

The all-electric ET5 was revealed by founder and CEO William Li at the annual Nio Day event in Suzhou.

With a starting price of 328,000 yuan (US$51,450) before government subsidies, and 258,000 yuan with a leased battery, the most basic variant is designed to drive 550 kilometers on a single charge. The post-subsidy price for an entry-level Tesla Model 3 in China is 255,652 yuan.

The ET5 will be available in September. Its launch follows that of Nio’s first and more expensive ET7 electric sedan, which Li sees as a rival to Tesla’s Model S, and where deliveries are scheduled to start in March. Nio is also expected to unveil another electric vehicle in 2022.

“ET5 is a key product of us as Nio has long focused on sports utility vehicles,” Li said. “We’ve been looking forward to a model with a more suitable price and a larger consumer base.”

Nio on Saturday also gave a road map of its international expansion strategy, after a foray into Norway earlier this year. The Shanghai-based company announced plans to enter Germany, Netherlands, Denmark and Sweden in 2022, and reach 25 countries by 2025. It also seeks access to the U.S. market.

Nio has entered a strategic partnership with Royal Dutch Shell Plc and the two will co-establish battery swapping, re-charging and energy storage infrastructure in China, Europe and the United States, Li said Sunday.

The company won’t rule out opportunities to build plants overseas if “there was enough need out there,” he said.

(SD-Agencies)