CHENGDU, China / SHANGHAI (Reuters) – Chinese electric vehicle (EV) manufacturer Nio Inc., which competes with conventional premium car manufacturers, including Daimler AG and BMW, could mass produce products under another brand, it said. his chief executive.
“As EV technologies advance and battery costs fall, we may enter a massive market, but certainly not with the Nio brand,” William Li, Nio’s chief executive, said on Sunday. He did not give further details.
Nio did not immediately respond to a request for additional details. The company currently delivers three models of sport utility vehicles (SUVs) built at its factory in Hefei, which are mostly priced over 300,000 yuan ($ 46,200).
Nio, which also competes with Tesla Inc. in China, launched its first sedan model on Saturday, as it has a higher share of the largest car market in the world.
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 = 6.4898 Chinese Yuan renminbi)
Reporting by Yilei Sun and Brenda Goh; edited by Jane Wardell