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Nio plans to launch its mass market EV model in Might

Nio holds a product occasion in Shanghai on Sept. 21, 2023.

Evelyn Cheng | CNBC

BEIJING — Chinese language premium electrical automotive firm Nio stated Thursday it plans to disclose its mass market model in Might.

Executives confirmed the brand new model will probably be named “Le Dao” in Chinese language, and stated the identify is supposed to mirror households — the goal client phase — having a cheerful time collectively.

Nio, based in late 2014, has thus far targeted on the upper finish of the market with SUVs and sedans that may price greater than Tesla’s Mannequin S or Mannequin Y, however include a set of companies reminiscent of entry to person clubhouses generally known as Nio Homes.

Month-to-month automotive deliveries, nonetheless, have remained modest versus the fast development of some opponents.

Earlier this month Nio stated its mass market model would debut within the second quarter, with the primary product launch within the third quarter and large-scale deliveries the next quarter.

One other Chinese language electrical automotive startup known as Xpeng stated final summer time it plans to develop a new mass market brand that may goal the 150,000 yuan ($20,580) value vary. The corporate stated it will develop the model via a strategic partnership with Didi.

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