Electric-SUV maker Nio to add sedans as Tesla rivalry heats up

Tesla leads Nio in China sales, helped by the Model 3 sedan, and the company is set to bring out the Model Y compact SUV in a direct challenge to Nio in that product segment.
By : Bloomberg
| Updated on: 18 Nov 2020, 09:55 AM
File photo of NIO ES8
File photo of NIO ES8
File photo of NIO ES8
File photo of NIO ES8

Chinese electric-SUV maker Nio Inc. is expanding into sedans, intensifying its rivalry with Tesla Inc. and its popular Model 3 in the world’s largest electric-vehicle market.

“We are going to launch a sedan soon, and are currently developing another one," Chief Executive Officer William Li said on a conference call on Wednesday following Nio’s third-quarter earnings. “So the next two products in line will both be sedans."

Similar Cars

Find More Cars
Hyundai Kona Electric (HT Auto photo)
Hyundai Kona Electric
cc | Electric | Automatic
₹23.79 - 23.98 Lakhs**Ex-showroom price
Tesla Model S (HT Auto photo)
UPCOMING
Tesla Model S
Electric | Automatic
₹70 - 1 Cr* *Expected Price
Tesla Model 3 (HT Auto photo)
UPCOMING
Tesla Model 3
Electric | Automatic
₹70 - 90 Lakhs* *Expected Price

The Shanghai-based manufacturer has said it plans to launch one vehicle each year. Its next Nio Day event, where it typically unveils new models, is slated for January.

(Also read | Nio stock falls after short-seller Citron targets EV maker)

Tesla leads Nio in China sales, helped by the Model 3 sedan, and Elon Musk’s company is set to bring out the Model Y compact SUV in a direct challenge to Nio in that product segment. The Model Y launch will help the entire EV market grow, and the new vehicle will also compete against Tesla’s own Model 3, Li said. “We have our own advantages," he said.

Nio, which only sells in China, said it plans to enter the European market as soon as the second half of 2021. The company will stick to premium vehicles in the new market, Chief Financial Officer Steven Feng said.

First Published Date: 18 Nov 2020, 09:55 AM IST
Recommended For You
View All
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city