Chinese EV maker Nio could launch consumer vehicles under another brand

CHENGDU, China / SHANGHAI (Reuters) – Chinese electric vehicle (EV) maker Nio Inc, which competes with conventional high-end automakers such as Daimler AG and BMW, could manufacture mass products under another brand , said its managing director.

“As EV technologies advance and the cost of batteries decreases, there is a possibility that we could enter the massive market, but certainly not with the Nio brand,” William Li, managing director of Nio, told reporters on Sunday. He did not give more details.

Nio did not immediately respond to a request for further details. The company currently delivers three models of sport utility vehicles (SUVs) built at its factory in Hefei, most of which are priced above 300,000 yuan ($ 46,200).

Nio, which also competes with Tesla Inc in China, launched its first sedan model on Saturday as it envisions a larger share of the world’s largest car market.

Nio delivered 43,728 vehicles last year and has a market capitalization of over $ 92 billion, outperforming conventional automakers Daimler and General Motors Co.

($ 1 = 6.4898 Chinese renminbi yuan)