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.
![Nio Set to Introduce Mass Market Electric Vehicle Brand in May](https://analyzingmarket.com/wp-content/uploads/2024/03/1440px-NIO_ET5_002.jpg)
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.
![Nio Set to Introduce Mass Market Electric Vehicle Brand in May](https://analyzingmarket.com/wp-content/uploads/2024/03/1619px-NIO_ET7_1X7A6677.jpg)
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.