SHANGHAI (CHINA) – China’s electric vehicle (EV) maker Nio Inc may manufacture 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.
Nio which competes with conventional premium automakers including Daimler AG and BMW, is currently delivering three sports utility vehicle (SUV) models built at its Hefei plant, which are mostly priced above 300,000 yuan ($46,200).
The company which also competes with Tesla Inc in China, launched its first sedan model on Saturday
Nio delivered 43,728 vehicles last year and has a market capitalisation of over $92 billion, surpassing conventional automakers Daimler and General Motors Co.