China’s premium electric carmaker Nio is set to tap the volume vehicle segment by launching an all-new marque as new energy vehicles see their popularity rise in Chinese as well as key global markets, China Daily reported.
According to Nio founder and CEO William Li, the company is preparing to make mass-market products under another brand for which a core team has been established already. Li said:
“The relationship between Nio and our new mass-market brand will be like that of Audi & Volkswagen as well as Lexus & Toyota.”
Currently Nio compete against premium brands including Audi, BMW and Mercedes with its range of premium electric vehicles (EVs). As per company’s plans, it aims to provide better product and service at prices lower than that of Tesla but will not produce pint-sized electric cars such as the popular Wuling Hongguang.
Nio will be offering more affordable models in its new marque and will reportedly launch three models in 2022, with one of them to have the lowest price of all Nio-branded models. Li has not given a detailed schedule about the new marque’s launch however according to its website, Nio aims to launch its volume brand within the next 2 years in 20 countries including Pakistan as shown in the map pictured below.
Nio is one of the best-selling premium electric carmakers in China. It delivered 21,896 vehicles in the second quarter this year, up over 112% from the same period of previous year. Nio is also stepping up efforts in research and development. Li said the company R&D budget is 5 billion yuan this year. Its autonomous driving team has over 500 engineers and the number will reach 800 by the end of this year. The company is also adapting faster methods of EV production similar to those adapted by Tesla.
With government providing EV incentives in new Auto Policy 2021-26 and looking at the fact that majors Chinese EV manufacturers have Pakistan included in their launch plans, we can sure hope to welcome quality Chinese electric cars to reach our market in near future. Are you excited?
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com