Chinese electric car maker Nio is about to launch a new mass market sub-brand that will hit the market as a more affordable alternative to Nio’s premium cars.
In a recent statement, the company’s CEO William Li said, “The relationship between Nio and our new mass-market brand will be like that of Audi-Volkswagen and Lexus-Toyota.”
Li also expressed ambition for his new sub-brand to undercut and outperform Tesla, saying, “We want to offer better products and services at lower prices than Tesla.”
Nio has only just started its advance in the European market with the introduction of the SUV ES8 and sedan ET7 in Norway. The brand has not yet moved in the UK, but the company has indicated that it can if there is enough interest. However, Nio has not announced or hinted at any plans to bring its upcoming sub-brand to Europe as well.
Currently, Nio’s vehicles are positioned at the premium end of the market, with prices starting at around £ 51,000 for the ET7 sedan in China. The ES8 starts at around £ 54,000.
The announcement comes as the company announces its results for the second quarter of 2021. The company delivered almost 22,000 vehicles during this period, an increase of around 112 percent compared to the previous year.
Nio is also working to expand its innovative battery swap network and plans to more than double its current capacity from 361 stations to more than 700 by the end of 2021 as it penetrates the European market.
By 2025, Nio wants to become global with the technology, with 4,000 stations worldwide.
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