NIO, a premium electric vehicle (EV) manufacturer, has announced that it is developing a new mass-market brand with the intention of competing with established auto giants VW and Toyota, reports Reuters. The Chinese EV maker is currently positioned against luxury brands Audi and BMW.
The automaker had stepped up preparations to make mass-market products under another brand and a “core team” had been assembled as a “first step of a strategic initiative”, Chief Executive William Li said on Thursday.
“The relationship between Nio and our new mass-market brand will be like that of Audi-Volkswagen and Lexus-Toyota,” Li said, without specifying the price range of the new vehicle. Nio’s current models are mostly above RMB 300,000 ($46,319.89).