NIO to attack Volkswagen and Toyota with new brand
Premium EV car-maker set to launch new mass-market brand in push for global sales expansionChinese premium car-maker NIO, which currently rivals prestige marques such as BMW and Audi, has revealed plans to launch a new mass-market brand aimed directly at auto giants Volkswagen and Toyota.
NIO chief executive William Li has told news agency Reuters that the company was stepping up efforts to introduce mass-market products under the umbrella of a new brand.
Explaining the new brand's position in the market, Li told the newswire: "The relationship between NIO and our new mass-market brand will be like that of Audi-Volkswagen and Lexus-Toyota.
"We want to provide a better product and service at prices lower than Tesla," he added.
In China, NIO's cheapest model is currently priced above 300,000 yuan ($A64,000).
NIO, meanwhile, will continue its rapid expansion next year with the launch of three new models, including its first sedan which will join its existing three SUVs in the line-up.
Despite developing vehicles like the NIO ES8 SUV Down Under, Australia remains off limits for the pure-electric brand, at least until the charging infrastructure increases here.
However, the new mainstream brand could head here if vehicles like the Tesla Model 3 continues to sell well.
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