On September 21, 2023, NIO held a product launch conference in Shanghai.
Evelyn Cheng | CNBC
Beijing – China’s premium electric vehicle company Nioh It said on Thursday it planned to launch a mass-market brand in May.
Executives confirmed that the Chinese name of the new brand will be “Ledao” and said the name is intended to reflect the happy time families (the target consumer group) spend together.
Founded in late 2014, Nio has so far focused on the high end of the market, launching SUVs and sedans that may cost more than Tesla’s Model S or Model Y but come with a full suite of services, such as access to a user club called Nio . houses.
However, monthly vehicle deliveries are still modest compared with the rapid growth of some rivals.
Earlier this month, Nio said its mass-market brand would debut in the second quarter, launch its first product in the third quarter and deliver it at scale next quarter.
Another Chinese EV startup called Xpeng Motors said last summer it planned to develop a new mass-market brand with a target price range of 150,000 yuan ($20,580). The company said it will develop the brand through a strategic partnership with Didi.
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