write a news report about chinese e-car

Beijing, China - Chinese electric vehicle (EV) maker, NIO, has launched its latest model of EV, the ET7, which is expected to compete with Tesla's Model S.

The NIO ET7 is the company's first car to feature its latest solid-state battery technology, which offers a range of up to 621 miles on a single charge. The company claims that this is a significant improvement over the current lithium-ion batteries used in EVs worldwide.

NIO also said that its new EV will be equipped with autonomous driving technology, which will allow it to drive on highways and even navigate through city streets without the need for human intervention. This technology is expected to be available in China in 2022.

The launch of the ET7 is a significant move for NIO, aiming to compete with Tesla, which has been dominating the Chinese EV market. Tesla sold over 137,000 vehicles in China in 2020, accounting for nearly a third of its global sales.

According to data from the China Association of Automobile Manufacturers, EV sales in China surged by 12% in 2020, with more than 1.3 million units sold. The Chinese government has set a target of having 25% of all new cars sold in the country to be electric by 2025.

NIO has already made its mark in the Chinese EV market, selling around 43,728 vehicles in 2020. The company's aggressive marketing strategy and innovative technology have helped it to stand out in a crowded market.

The company's CEO, William Li, said that the ET7 will be priced at around $69,000, which is significantly cheaper than the Tesla Model S. He also added that NIO plans to expand its production capacity to 150,000 vehicles per year.

The launch of the ET7 is a step forward for China's EV industry, which is rapidly growing and becoming more competitive. With NIO's latest offering, the company hopes to take on Tesla and become a major player in the global EV market