CHENGDU, China / SHANGHAI (Reuters) – China’s electric vehicle (EV) maker Nio Inc, which competes with conventional premium automakers, including Daimler AG and BMW, can make mass-market products under another brand, said its president -executive.
“As EV technologies advance and the cost of the battery decreases, we may be able to enter the massive market, but definitely not under the Nio brand,” William Li, Nio’s chief executive, told reporters on Sunday. He gave no further details.
Nio did not immediately respond to a request for more details. The company is currently delivering three models of sports utility vehicle (SUV) built at its Hefei plant, with prices mostly above 300,000 yuan ($ 46,200).
Nio, which also competes with Tesla Inc in China, launched its first sedan model on Saturday while seeking a larger share of the world’s largest car market.
Nio delivered 43,728 vehicles last year and has a market capitalization of more than $ 92 billion, surpassing conventional automakers Daimler and General Motors Co.
($ 1 = 6.4898 yuan Chinese renminbi)
Reporting by Yilei Sun and Brenda Goh; edition by Jane Wardell