Chinese EV maker Nio working on new mass-market brand

Chinese electric vehicle maker Nio Inc is working on a mass-market new brand which will be placed similar to Volkswagen and Toyota, said its CEO on Thursday.

The automaker, which considers BMW and Audi as rivals, is preparing to make products under another brand, said Chief Executive William Li.

"The relationship between Nio and our new mass-market brand will be like that of Audi-Volkswagen and Lexus-Toyota," Li said, reported Reuters.

He did not mention the price range of the new vehicle, though Nio's current models are mostly above 300,000 yuan ($46,319.89).

"We want to provide better product and service at prices lower than Tesla Inc's."

Nio reported loss of 659.3 million yuan ($101.8 million) in the second quarter, a decrease of 45.4% from the last year.

Between April and June, Nio delivered 21,879 vehicles, compared to 10,331 units during the same time last year.

The automaker, which is making and selling three SUV models, is planning to deliver three new car models next year, including its first sedan.

The sedan model ET7 was launched in January but its delivery will start in 2022.

Li said the three new models for the next year will be developed on Nio’s new  brand.

(With inputs from Reuters)

Picture Credits: Reuters