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Electric cars in China

Tesla's Chinese rivals strike back with new models

Xpeng and Nio to launch sedans as Elon Musk-led carmaker cuts prices

He Xiaopeng, chairman and founder of Xpeng, told Nikkei the company will launch a compact sedan this year.   © Reuters

HONG KONG -- Upstart Chinese challengers to Elon Musk's Tesla are raising the stakes in the race to carve up the world's largest electric vehicle market with plans to launch new models for the year ahead.

Nio, the U.S.-listed carmaker whose market value rose more than 12-fold during 2020, will launch its first flagship sedan equipped with the latest autonomous driving technologies on Saturday. Nio's three current models are all sport utility vehicles.

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