Chinese electric vehicle (EV) creator Nio Inc is taking on conventional gasoline premium automakers from BMW to Audi further, launching on Saturday its first car model as it eyes a more noteworthy share of the world’s biggest car market. The launch of the ET7, at an event in the western city of Chengdu, came as opponent Tesla began selling its China-made Model Y sport-utility vehicle in the Chinese market. Nio is intending to extend its product lineup to pull in more clients.

In China’s passenger car market, cars and SUVs each make up around 46% of overall sales. CEO William Li said Nio’s new battery technology will give the ET7 a drive range of more than 1,000 km (621 miles) between charges.

The beginning cost will be 378,000 yuan ($58,378) for the vehicle without the battery pack, one of the most costly EV components, which would then be able to be rented from the organization. With the battery pack, the beginning cost is 448,000 yuan. Li said in an interview ET7’s objective adversaries were BMW’s 5-series, Audi’s A6 and Mercedes-Benz E-class cars.

It was ‘reasonable’ that Nio could sell comparative amount of ET7 as BMW’s 5-series cars in China later on, Li stated, yet gave no subtleties of time span. The beginning cost for the BMW 5-series is 426,900 yuan and BMW sells more than 10,000 of them every month in China.

Li said the ET7 will be fitted with lidar sensors – which assist the vehicle with seeing its surroundings, and are regularly found in autonomous cars – to help drivers, an technology dismissed by Tesla Inc’s outspoken chief Elon Musk. The Californian automaker, which is selling Shanghai-made Model 3 cars, has quite recently begun selling its Model Y vehicles at a beginning cost of 339,900 yuan. It utilizes cameras for driver assistance.

Nio, which delivered 43,728 vehicles a year ago, has a market capitalization of over $92 billion, outperforming conventional automakers Daimler AG and General Motors Co. Investors have poured billions of dollars into electric vehicle advancement. Li said ‘it’s anything but something awful’ when gotten some information about the high market value of the firm, yet added Nio is still generally a little organization contrasted with set up firms like BMW regarding sales volume. It is at present selling three SUV models worked at a car factory in China’s eastern city of Hefei.

On Thursday, Nio’s adversary Xpeng Inc reported plans to reveal another car model. It as of now has a car and a SUV in its lineup.