Just days after NIO launched the ES7 electric SUV, the automaker has provided details on its new sub-brand, which is being developed for mass production according to a company executive.
China’s NIO has signed an agreement for a new mass-market sub-brand which it expects will produce an annual capacity of 500,000 vehicles, according to the company’s founder, CEO, and chairman William Li (via CnEVPost).
NIO signed a contract with the city of Hefei in Anhui to construct the second phase of its NeoPark production facility, where it expects to produce half a million mass-market EVs, as detailed by Li.
Li shared the plans at a live broadcast event through NIO’s mobile app, from an event in Hefei.
NIO Launches Portable Charger to Let its Cars Charge Other Vehicles or Devices https://t.co/QZjowP99Kl
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The sub-brand will be priced between RMB 200,000 ($30,000 USD) to RMB 300,000 ($44,756 USD) when it first becomes available, and its cars are expected to be direct competitors of the Tesla Model 3 and Model Y.
NIO says the sub-brand will debut in the second half of 2024, with hopes it will be more affordable versus Tesla vehicles, but also with a better experience.
NIO announced plans earlier this month to make its own battery packs starting in 2024.
Morgan Stanley expects NIO to have a short-term rally in the coming months, especially as China’s auto industry continues to recover from lockdowns throughout much of April.
