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.

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