China’s NIO [NIO:US] CEO William Li stated in a recent interview that the electric vehicle (EV) manufacturer is considering producing vehicles under a different marque, as reported by Reuters on January 11. Neither Li nor NIO have released any further details regarding the possible new marque.
The statement comes days after NIO launched its first Sedan model ET7 as part of its strategy to drive growth by expanding its product range. Specifically, the new ET7 is priced at RMB378,000 (USD58,378) without battery packs, which can be leased separately from NIO. The move is also part of NIO’s strategy to increase its market competitiveness against key international rivals including Tesla [TSLA:US] and BMW [BMW:GR]. CEO Li stated in a recent interview that the new ET7 was designed to compete against BMW’s 5-series and Audi’s [NSU:GR] A6. In 2019, NIO’s market capitalization surpassed competitors Daimler [DAI:GR] and General Motors [GM:US] to hit USD92bn. In the same year, Nio delivered 43,728 vehicles which included a 111% spike in 4Q20 sales at 17,353 units. Most recently, the EV manufacturer launched a 150 kWh solid-state battery pack which it plans to deploy in NIO models commencing in 2022.