Nio CEO eyes Europe market for its electric vehicles; looking at boosting its share in domestic market

End User News - Automobiles (cars)

William Li, the founder and CEO of Nio, the EV startup in China is eying the European market for its EVs; he said this in an interview during the Shanghai auto show. He believes that Chinese automaker can break into the European market with the help of EVs. However, the company is very careful about expanding outside China as the company is new and has limited resources.

Neo’s ES8 was launched in China in the premium car segment to give competition to the powerful and well-established German brands. To start with, Neo has a market share of more than 10 per cent in the domestic market and the company hopes to grow faster in the segment.

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Nio

The company has displayed its ET Preview concept sedan at the Shanghai auto show in April as a rival for Tesla Model 3. However, they have not declared when and how they would launch it.

Neo has successfully started delivering the ES6 SUV that competes with the Audi Q5, BMW X3 and Mercedes GLC. The CEO believes they offer better performance and service while maintaining lower maintenance and operating costs. Charging is much more affordable than gasoline powered vehicles and the license plate is free.

He further added that the company is looking at raising funds for future development after floating Nio on the New York Stock Exchange in September 2018. He expressed his trust on the strategic shareholders of the company in supporting its growth.

He said that Nio wants to build a community of customers who will be all connected by their cars.

Edited By: Beethika Biswas

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