China’s Nio is considering creating a new sub-brand under which affordable electric cars will be produced, Insideevs reports, citing the company’s CEO William Lee.
According to William Lee, the new brand will offer “a better product and service at a price lower than Tesla.” He also said that new budget electric cars will be built on a new platform.
Nio’s current lineup consists of premium fuel-free models: the EC6 and ES6 crossovers and the ES8 and ET7 sedans.
Nio produced 21,879 units of cars during the 2nd quarter of 2021, twice as many as in the same period last year.
Recall that Nio was founded in 2014, its investor is a pool of large corporations, including Tencent, Baidu, GIC, TPG, Sequoia Capital, Hillhouse Capital.