Chinese Electric Vehicle Maker Weilai to Enter German Market Next Year

Wey's ET7 [Image source=Reuters Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] Chinese electric vehicle startup Weilai (Nio) will export its luxury electric sedan 'ET7' to Germany starting from the fourth quarter of next year.

According to the Hong Kong South China Morning Post (SCMP) on the 15th, William Li, co-founder and CEO of Weilai, announced this officially.

The ET7, launched in January this year, can travel 500 km on a single charge. The price starts from 448,000 yuan (approximately 82 million KRW).

Weilai, one of China's top three electric vehicle startups, is entering Germany as the second European country after Norway this month.

Chinese electric vehicle companies are successively entering the European market. Weilai's competitor Xiaopeng is already selling the SUV electric vehicle 'G3' and sports car 'P7' in the Norwegian market.

In China, major automobile companies such as BYD and startups like Li Auto, Xiaopeng, and Li Xiang are competing to catch up with the American Tesla.

Additionally, telecommunications equipment company Huawei, smartphone manufacturer Xiaomi, search engine company Baidu, and drone manufacturer DJI have also joined the competition to develop electric vehicles.