BEIJING — Nio, the prominent Chinese luxury electric vehicle manufacturer, announced its intention on Thursday to unveil its mass-market brand in May.
Company executives affirmed that the new brand, named “Le Dao” in Chinese, symbolizes the essence of familial joy, aligning with its target consumer segment.
Since its establishment in late 2014, Nio has predominantly catered to the high-end market, offering SUVs and sedans priced above Tesla’s Model S or Model Y.
These vehicles are accompanied by a range of services, including access to exclusive user clubhouses known as Nio Houses.
Despite this, monthly car deliveries have remained modest compared to the rapid growth witnessed by some competitors.
Earlier this month, Nio announced plans for the debut of its mass-market brand in the second quarter, with the first product slated for launch in the third quarter, followed by large-scale deliveries in the subsequent quarter.
In a similar vein, another Chinese electric vehicle startup, Xpeng, disclosed last summer its intention to develop a new mass-market brand targeting the 150,000 yuan ($20,580) price range.
The company outlined its strategy to build this brand through a strategic partnership with Didi.
