According to reports, Chinese automaker NIO is planning on launching a full-sized luxury saloon that will rival the Lucid Air and Mercedes EQS. Per a recent report by British outlet AutoCar, the saloon will be NIO's new flagship model and will cost in excess of ¥1,000,000 (£116,000).

Currently, NIO produces five models - three crossovers/SUVs and two saloons. The ET7, a Tesla Model S-sized saloon capable of up to 621 miles per charge, sits at the top of the NIO lineup for now. However, this new flagship will trump it. Although information remains scarce, the model will reportedly be revealed in 2024 and will be sold globally.

Founded in 2014, NIO has been incredibly successful in the Chinese market with over 300,000 EVs sold to date. The firm launched in Norway in late 2021 and is focused on expanding into the rest of Europe. NIO began deliveries in Germany several weeks ago and is now looking to launch in the Netherlands, Sweden, and Denmark by early 2023. Meanwhile, the automaker also wants to expand to Japan and Australia in the coming years.

As for the American market, currently no launch dates have been announced. However, a report back in August suggested that NIO aims to be in the US by 2025. Furthermore, NIO has started hiring US-based staff and is currently leasing a large premises in San Jose, California.