CHENGDU, China / SHANGHAI (Reuters) – Chinese electric vehicle (EV) manufacturer Nio Inc., which competes with conventional premium carmakers such as Daimler AG and BMW, can mass-market products under another brand, he said. its executive.
“As EV technologies advance and the cost of the battery decreases, we may enter the mass market, but definitely not with the Nio brand,” William Li, Nio’s chief executive, said on Sunday. He gave no further details.
Nio did not immediately respond to a request for more details. The company currently delivers three models of sport utility vehicles (SUVs) built at the Hefei plant, which have a majority price above 300,000 yuan ($ 46,200).
Nio, which also competes with Tesla Inc. in China, launched its first sedan model on Saturday as it has the largest 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 $ = 6,498 Chinese yuan renminbi)
Reports by Yilei Sun and Brenda Goh; edited by Jane Wardell