Nio to create electric-car brand

Chinese electric carmaker Nio plans to launch a new “mass-market” sub-brand that promises a more affordable alternative to its premium market vehicles.

William Li, chief executive, says a “core team” has been put together and it aims to rival the likes of Toyota and Volkswagen. 

At the same time, he hopes the sub-brand will undercut and outperform Tesla.

“The relationship between Nio and our new mass-market brand will be like that of Audi-Volkswagen and Lexus-Toyota,” he explains.

Nio is expanding its production base in China and is set to deliver three new car models next year, including its first sedan, reports Reuters.

It delivered 21,879 vehicles between April and June 2021, up from 10,331 units in the same period last year.

The carmaker also opened an office in Norway in May and plans to start selling cars there this year as it pushes to expand globally.