Nio to launch ‘mass-market’ affordable EV

Nio aims to mass-market a new sub-brand designed as a more affordable EV to its premium ones.

The company’s founder and chief executive William Li says the relationship between Nio’s two entities will be similar to Audi-Volkswagen and Lexus-Toyota.

It has recently completed winter testing of the ET7 electric sedan in New Zealand, and launched that and the Nio ES8 SUV in Norway.

Nio delivered nearly 22,000 vehicles during the second quarter of this year, about a 112% increase year-on-year, Auto Express UK reports.

It says Nio is also working on expanding its battery swap network, with plans to more than double capacity from 361 stations to more than 700 by the end of 2021, as it moves into the European market.

The network is expected to have 4000 stations globally by 2025.