Nio plans to launch its mass market EV model in Might

BEIJING — Chinese language premium electrical automobile firm Nio stated Thursday it plans to disclose its mass market model in Might.

Executives confirmed the brand new model can be named “Le Dao” in Chinese language, and stated the title is supposed to mirror households — the goal client section — having a cheerful time collectively.

Nio, based in late 2014, has up to now targeted on the upper finish of the market with SUVs and sedans that may price greater than Tesla’s Mannequin S or Mannequin Y, however include a set of companies reminiscent of entry to consumer clubhouses often known as Nio Homes.

Month-to-month automobile deliveries, nonetheless, have remained modest versus the fast progress of some rivals.

Earlier this month Nio stated its mass market model would debut within the second quarter, with the primary product launch within the third quarter and large-scale deliveries the next quarter.

One other Chinese language electrical automobile startup known as Xpeng stated final summer time it plans to develop a brand new mass market model that may goal the 150,000 yuan ($20,580) value vary. The corporate stated it will develop the model by a strategic partnership with Didi.