Nio is holding a product event in Shanghai on September 21, 2023.
Evelyn Cheng | CNBC
Beijing – A Chinese company for distinguished electric cars New It said Thursday that it plans to unveil its mass-market brand in May.
Executives confirmed that the new brand will be called “Le Dao” in Chinese, and said the name is intended to reflect families – the target consumer segment – spending happy time together.
Nio, founded in late 2014, has so far focused on the higher end of the market with SUVs and sedans that can cost more than a Tesla Model S or Model Y, but come with a range of services such as access to well-known user clubs. In the name of Nio. Houses.
However, monthly vehicle deliveries remained modest versus the rapid growth of some competitors.
Earlier this month, Nio said its mass-market brand would debut in the second quarter, with the first product launching in the third quarter and full-scale delivery in the following quarter.
Another Chinese electric vehicle startup called Xpeng said last summer that it plans to develop a new mass-market brand targeting the 150,000 yuan ($20,580) price range. The company said it will develop the brand through a strategic partnership with Didi.
