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

Reuters CHENGDU | Updated on January 11, 2021

FILE PHOTO: William Li, founder and chief executive officer (CEO) of Chinese electric vehicle maker Nio Inc, unveils Nio's ET7 sedan at a product launch event in Chengdu, Sichuan province, China, January 9   -  REUTERS

Nio on Saturday launched its first sedan model as it eyes a greater share of the market

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.

Read also: Chinese electric car stocks jump as the govt signals lull in subsidy cuts

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.

Also read: Tesla produced over half a million cars in 2020, deliveries fall just short of Musk’s target

Nio delivered 43,728 vehicles last year and has a market capitalisation of over $92 billion, surpassing conventional automakers Daimler and General Motors Co.($1 = 6.4898 Chinese yuan renminbi)

Published on January 11, 2021

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