Chinese EV maker Nio may launch mass market vehicles under another marque

By: Reuters
Updated on: 11 Jan 2021, 08:47 AM

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Two days ago, Tesla China rival Nio stepped up competition with the launch of a new electric sedan.

Nio’s new electric sedan will go head-to-head with Tesla’s best-selling Model 3,

China's electric vehicle (EV) maker Nio Inc, which competes with conventional premium automakers including Daimler AG and BMW, may make mass market products under another marque, its chief executive said.

"As EV technologies advance and battery cost lowers, it is possible that we may enter the massive market, but definitely not with Nio brand," William Li, chief executive of Nio told reporters on Sunday. He gave no more detail.

Nio did not immediately respond to a request for further details. The company is currently delivering three sports utility vehicle (SUV) models built at its Hefei plant, which are mostly priced above 300,000 yuan ($46,200).

Nio, which also competes with Tesla Inc in China, on Saturday launched its first sedan model as it eyes a greater share of the world's largest car market.

Nio delivered 43,728 vehicles last year and has a market capitalisation of over $92 billion, surpassing conventional automakers Daimler and General Motors Co.

First Published Date: 11 Jan 2021, 08:47 AM IST

TAGS: Nio electric vehicles electric sedan EVs Tesla