William Li, the company’s founder, chairman, and CEO said NIO aims to be one of the world’stop 5 automakers by 2030.
Founded eight years ago, NIO is one of the Chinese brands that aims to succeed in the European market, according to Torque News,
The brand still has a long way to go. However, Li has remained positive in the interview with the German publication Heise Autos. The company plans to enter the mass market with a sub-brand while NIO continues its premium position.
“Demand for SUVs is currently high, but NIO is also seeing demand for small cars,” Li said in the interview. “That’s why there will be a NIO sub-brand with models designed for the global mass market at a cheaper price point that will be available within two years. As a result, the number of cars we sell will increase rapidly, and we want to be one of the top five car manufacturers in the world by 2030.”
Moreover, the company plans to start mass-market vehicle deliveries in the second half of 2024 at RMB 200,000 ($27,940) to 300,000 yuan. The company’s founder stated in a conference call just after the first-quarter earnings announcement in March. According to CnEVPost, the company is rumored to launch a third brand targeting the lower-priced market. On August 1, local media outlet 36kr reported that NIO plans to launch a third car brand to support the low to mid-range market below RMB 200,000 ($27,940).
According to the report, the third brand and sub-brand, ALPS, operates independently with an independent head and R&D system. It is currently recruiting a core team. NIO’s third brand is mainly in the price range between RMB 100,00-200,000.
The company denied the third brand would be internally called ‘Himalaya.’ Furthermore, Li also mentioned that NIO plans to enter the US market by the end of 2025. However, current US policy complicates things.
“We only become active in a market when we have the right product and the right services for this region and we planned to also become active in the USA at the end of 2025,” he stated.
The US government’s recent passing of the Inflation Reduction Act makes it more difficult for foreign automakers to produce and enter the market. However, Nio’s CEO explained they would be monitoring developments closely.
“NIO should have plans to build a plant in the US. The position requires knowledge of US state policies and subsequent involvement in plant site selection in the US,” Yicai Global stated.
NIO declared it had no information to pass on regarding building a factory in the US.
