Chinese electric-vehicle maker Nio Inc plans to build a factory to produce budget EVs under a new brand for export to Europe from as early as next year, three people with knowledge of the matter said.
The plan to broaden the company’s lineup and expand overseas sales comes as EV sales sharply weaken in China, the world’s largest auto market, following an end in state subsidies for EV purchases.
Nio has been planning to launch more affordable EV products under new brand names after 2024 as part of projects codenamed “Firefly” and “Alps”, according to the people, who declined to be named as the discussions are private.
