Chinese EV company Nio plans to expand to the Middle East this year, CEO William Li said on an earnings call Thursday, adding that deliveries of its lowest-priced brand will start in the first half of next year.
Nio launched a lower-priced brand called Onvo in May and is working on an even lower-priced brand called Firefly.plans to expand to the Middle East this year, CEO William Li said on an earnings call Thursday, at a time when rivals have been increasing their global footprint. The U.S.-listed Chinese company, which has been operating at a loss, plans to start offering its products and services in the United Arab Emirates by the end of this year, Li said, according to a FactSet transcript.
Firefly will share the same point of sales as Nio-branded cars, Li said, noting it would be similar to the sales model used by MINI and BMW.