China’s Nio will build a factory for budget electric cars – #Chinas #Nio #build #factory #budget #electric #cars
SHANGHAI, Feb 21 (Reuters) – Chinese electric vehicle (EV) maker Nio Inc ( 9866.HK ) plans to build a factory in Chuzhou in eastern Anhui province to produce budget electric vehicles under a new brand, three people familiar with the matter said. of the matter.
After 2024, Nio said it plans to launch more affordable EV products under new brand names in projects codenamed “Alps” and “Firefly”.
Neither Nio nor Chuzhou’s local government immediately responded to requests for comment.
The plan was first reported by Chinese media Cailianshe.
Nio’s flagship brand Nio is premium to compete with the likes of BMW, Audi and Mercedes-Benz in China and Europe car placed for the segment.
Chinese EV players, most of which are still loss-making, are the world’s largest as EV penetration accelerates car they are increasing their efforts to increase their market share in the market.
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According to the China Passenger Car Association, january More than a quarter of new cars sold in China were either pure electric or plug-in hybrids.
Reporting by Zhang Yan, Zhuzhu Cui and Brenda Goh; Edited by Christopher Cushing and Sonali Paul
Our standards: Thomson Reuters Trust Principles.
2023-02-21 11:47:49
Source – reuters
Translation“24 HOURS”