China EV maker Nio on track to unveil its first mass-market car in May, executive says

The logo of NIO seen on an EL6 car model is pictured at the NIO House, the showroom of the Chinese premium smart electric vehicle manufacture NIO Inc. in Berlin, Germany August 17, 2023.is on track to unveil a new model under a mass-market brand by the end of this month and a second smaller EV to be sold in Europe next year for less than $30,000, a senior executive told Reuters on Monday.

Vincelot said more details on the brand, until now code named "Alps", were expected by the end of the month. Both are also designed to work with the fast battery swapping stations Nio has pioneered in China, allowing to swap an empty battery against a full one in a few minutes.Rival Xpeng also plans a new mass-market brand called Mona that will include self-driving features on cars priced below $21,000.

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Nio on track to unveil its first mass-market car in May, executive saysNio will unveil a new model under a mass-market brand by the end of May and a second smaller EV to be sold in Europe next year for less than $30,000.
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