- General
- December 16, 2018
- 4 minutes read
NIO Sets Sight On Luxury Car Market in China Despite Lesser Sales
The NIO ES8, the company’s first commercial vehicle already delivered to several customers image : NIO Chinese EV manufacturer NIO…
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| The NIO ES8, the company’s first commercial vehicle already delivered to several customers
image : NIO
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Chinese EV manufacturer NIO continues to eye the luxury vehicle market in China, stating it will continue to be a big one in the country despite lesser sales. “Unlike developed markets such as America where the number of new cars and end-of-life vehicles is almost balanced, China’s auto market growth is still incremental though it is reaching a watershed,” NIO CEO William Lie said to reporters in Shanghai this Sunday.
“Plus, electric vehicles sales grow fast in China and sales of luxury cars are unlikely to drop.” He said. NIO is facing high competition in the world’s biggest auto market from the likes of Tesla, Nissan, BYD, ZhiDou, Shanghai Auto and Zotye.
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| The NIO EP9 all-electric supercar, Only 16 of these will be produced with 6 already purchased by the company’s investors leaving ten to the general public
image : NIO
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Li said the company is carrying out preparatory research about entering international markets, which include legal compliance and the adoption of a business model to tailored for local customers. It’s scaling production of the ES8 vehicle, its first commercial product of which Li has pledged to send 10,000 units into customer’s hands by year end.
NIO would need to sell much more cars to break even, but with delivery just beginning this year June, The company has a chance to meet up and grab bigger share in the Chinese electric vehicle market.
