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Nio plans to launch its mass market EV model in Could

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Nio holds a product occasion in Shanghai on Sept. 21, 2023.

Evelyn Cheng | CNBC

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BEIJING — Chinese language premium electrical automotive firm Nio stated Thursday it plans to disclose its mass market model in Could.

Executives confirmed the brand new model shall be named “Le Dao” in Chinese language, and stated the identify is supposed to replicate households — the goal client phase — having a cheerful time collectively.

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Nio, based in late 2014, has thus far targeted on the upper finish of the market with SUVs and sedans that may value greater than Tesla’s Mannequin S or Mannequin Y, however include a collection of companies reminiscent of entry to person clubhouses often called Nio Homes.

Month-to-month automotive deliveries, nonetheless, have remained modest versus the fast progress of some rivals.

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Earlier this month Nio stated its mass market model would debut within the second quarter, with the primary product launch within the third quarter and large-scale deliveries the next quarter.

One other Chinese language electrical automotive startup referred to as Xpeng stated final summer season it plans to develop a new mass market brand that may goal the 150,000 yuan ($20,580) value vary. The corporate stated it will develop the model via a strategic partnership with Didi.

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