SHANGHAI, April 19 (Reuters) - Chinese electric vehicle
start-up Nio will start selling its first mass-production
vehicle next year, the firm said in a statement on Wednesday, as
it unveiled its ES8 SUV car at the Shanghai auto show.
Nio, formerly known as NextEV, is among the first of a raft
of Chinese electric vehicle startups to launch a production
vehicle, with many so far only showing concept cars.
The Chinese auto market has been flooded with electric
vehicle start-ups in recent years after Beijing opened the
sector to technology and venture capital (VC) investment. Nio is
backed by Chinese technology giants Tencent Holdings
and Baidu Inc as well as Silicon Valley investors.
The company said it would also sell 10 EP9 electric "super
cars" for $1.48 million without offering a timeline.
(Reporting by Jake Spring; Writing by Adam Jourdan; Editing by