Chengdu, China/Shanghai (Reuters)-The company’s chief executive said that Chinese electric car manufacturer Nio Inc., which competes with traditional high-end automakers including Daimler and BMW, may be under another brand To manufacture mass market products.
“With the advancement of electric vehicle technology and the reduction of battery costs, we may enter a huge market, but we will never adopt the Nio brand,”
Nio did not immediately respond to requests for further details. The company is currently delivering three sports utility vehicles (SUVs) at the Hefei plant, most of which cost more than 300,000 yuan (US$46,200).
Nio, which also competes with China’s Tesla Inc., launched its first sedan model on Saturday because it has a larger share of the world’s largest car market.
Weilai Automobile delivered 43,728 vehicles last year, with a market value of more than 92 billion US dollars, surpassing traditional automakers Daimler and General Motors.
($1 = 6.4898 Chinese yuan renminbi)
Reporting by Sun Yilei and Wu Renyi; Editing by Jane Wardell