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Chinese electric car maker Nio may launch cars for the mass market under another brand



PHOTO: William Li, founder and CEO of Chinese electric vehicle maker Nio Inc., presents the Nio sedan ET7 at a product launch event in Chengdu, Sichuan Province, China, January 9, 2021. REUTERS / Yilei Sun

CHENGDU, China / SHANGHAI (Reuters) – Chinese electric vehicle maker (EV) Nio Inc., which competes with conventional premium carmakers, including Daimler AG and BMW, can produce mass-market products under another brand, he said. CEO.

“As EV technology advances and battery costs decrease, it is possible to enter the massive market, but definitely not with the Nio brand,”

; William Lee, Nio’s chief executive, told reporters on Sunday. He did not give more details.

Nio did not immediately respond to a request for further details. The company currently supplies three models of sports vehicles (SUVs) built at the Hefei plant, which cost more than 300,000 yuan ($ 46,200).

Nio, which also competes with Tesla Inc in China, released its first sedan model as it accounted for a larger share of the world’s largest automotive market.

Nio delivered 43,728 vehicles last year and has a market capitalization of more than $ 92 billion, surpassing conventional carmakers Daimler and General Motors Co.

($ 1 = 6.4898 Chinese Yuan)

Reporting by Yilei Sun and Brenda Goh; edited by Jane Wardle


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