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Premium-segment-focused
Nio Inc (NYSE: NIO) may be gearing up to make mass-market vehicles, the company’s CEO William Li suggested Sunday, as reported by Reuters.
What Happened: The Chinese automaker, which competes with the likes of Audi-maker
Volkswagen AG (OTC: VWAGY), Mercedes-Benz-parent
Daimler AG (OTC: DDAIF)
, and
Bayerische Motoren Werke AG (OTC: BMWYY), would launch mass-market vehicles under another marque, as per Li.
“As EV technologies advance and battery cost lowers, it is possible that we may enter the massive market, but definitely not with Nio brand,” said the CEO.
Why It Matters: Nio launched its first-ever sedan dubbed the ET7 over the weekend. The vehicle’s standard edition is priced at $69,185 before subsidies.