Chinese EV start-ups Nio and Xpeng turn to the mass market for growth

Nio's first such mass market car will be an SUV cheaper than Tesla's Model Y, CEO William Li told CNBC's Eunice Yoon on Thursday.

Like many early entrants to China's electric car market, U.S.-listed Nio targeted the premium market when it launched about a decade ago. Its vehicles can cost around $50,000 or more, offering buyers additional services such as Nio clubhouses and a network of battery charging and swapping stations. Li said he doesn't expect the main brand to significantly adjust prices, although he expects price volatility in the market to persist for a while.for its new brand, called Onvo or "Le Dao" in Chinese, a name the company says is meant to reflect families — the target consumer segment — having a happy time together.

Gu said in a briefing with reporters that Xpeng would differentiate the tech that's available for the mass market brand, versus the existing one.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nio's UK Market Aspirations: Adding a European FlavourNio, the Chinese electric car maker, is working on providing its future models with a European flavour in its workshop in Oxfordshire. Although Nio is already active in several European countries, it has yet to officially launch in the UK. However, the company plans to start UK sales in 2025 as part of its global expansion. Nio's chief engineer is confident that their models will meet the expectations of UK buyers in a segment dominated by Audi, BMW, Jaguar, and Mercedes-Benz.
Source: autocar - 🏆 93. / 67 Read more »

Xpeng's Gu says robotaxis won’t be a real business for at least five yearsXpeng, a China-based electric car startup that is also selling in Europe, has made driver-assist software one of its selling points.
Source: CNBC - 🏆 12. / 72 Read more »