Electric Car Manufacturer Nio Will Sell EVs At Cheaper Prices

JAKARTA - The Chinese electric car company, Nio, is reportedly soon entering the electric vehicle (EV) market share. This was conveyed directly by CEO Nio William Li. The Nio electric car is said to be competing with the US electric car manufacturer, Tesla.

Reporting from Benzinga, Li revealed that Nio will enter the EV market with a new brand. The announcement was made by Li at the company's second quarter 2021 earnings announcement.

Nio announced to investors that the new brand and core team had been formed. The electric car manufacturer based in Shanghai claims that the new brand will be sold at a lower price among the Nio line of products.

Previously, Nio had been rumored to be making a new brand at an affordable price of around US$31,300 (around Rp. 450 million). The new brand, whose name has not been disclosed to the public, is expected to operate independently and it is reported that its class is under the auspices of Nio.

Until now, the electric car manufacturer Nio is targeting the high-end market share and its vehicles are priced at 56 thousand US dollars (equivalent to Rp. 806 million). Electric car manufacturer Nio is also reportedly working on a new high-end EV called Gemini which will be released to the public in 2022.

"We are actively looking for ways to enter the mass market more aggressively, which is a long-term strategy for us," Li said.

In the earnings announcement, the company noted that its shares had fallen 5 percent from the previous 40 percent. This condition makes the electric car manufacturer to take a new approach in market share.

With the presence of a new brand, the electric car manufacturer from China is trying to reach the market share of the middle class. However, Nio has not revealed in detail regarding the EV that will be presented through the company's new line.