By Reuters Staff
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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, 2021. REUTERS/Yilei Sun
CHENGDU, China/SHANGHAI (Reuters) – 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.
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.
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)
Reporting by Yilei Sun and Brenda Goh; editing by Jane Wardell