AUTOSHOW-China EV start-up Nio to sell mass-production car next year

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

Joseph Radford)