NIO Surpasses BYD as Most Valuable Car Brand in China, Says Hurun Report

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Amidst increasing competition in the world’s largest auto market, Chinese electric vehicle (EV) startup NIO has continued to increase its sales in the region, recently surpassing another automaker as the most valuable brand.

NIO replaced BYD as the most valuable automaker in China, as its brand value rose a whopping 145 percent from last year, currently landing at RMB 71 billion ($11 billion USD), according to a report from Hurun released on Tuesday (via CNEVPost).

While NIO’s value rose, BYD’s brand value dropped to second place, still managing to rise 114 percent year over year, amounting to RMB 67.5 billion ($10.57 billion USD), as detailed on the list.

Following NIO and BYD was Great Wall Motor in third place, with a brand value up 173 percent year over year, now sitting at a value of RMB 56 billion ($8.77 billion USD).

In fourth and fifth were fellow EV manufacturers Xpeng Motors and Li Auto, which held year over year brand value increases of 287 and 82 percent, with brand values of RMB 29 billion ($4.54 billion USD) and RMB 25.5 billion ($3.99 billion USD), respectively.

NIO’s stocks also rose earlier this month, following a price target increase from investment firm Goldman Sachs.

Beyond the Chinese auto market, NIO plans to debut in Norway as soon as next year, rivaling both Tesla and Volkswagen in the region.

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