$NIO Inc.(NIO)$ (The NIO EVE c

2021-06-11

$NIO Inc.(NIO)$ (The NIO EVE concept car on display at the 2021 Shanghai auto show. Source: CnEVPost)

After a Thursday article about NIO's plans to launch a new, lower-positioned brand, a new report on Friday provided more details.

NIO is assembling a team internally to secretly create a new lower-end sub-brand that will target a market priced around RMB 200,000 yuan ($31,300), Tech Planet reported Friday.

NIO is the only local Chinese brand with a firm foothold in the high-end market, selling for at least RMB 358,000. If customers opt for its BaaS battery rental service, the barrier to purchase can be lowered by at least 70,000 yuan, but they will need to pay a monthly battery rental fee.

The latest data from China Automotive Technology and Research Center (CATARC) shows that NIO's average vehicle sales price in May was RMB 432,900 yuan, higher than BMW's RMB 391,000 yuan and slightly lower than Mercedes' RMB 435,600 yuan.

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