Automotive News   |   Automotive News Europe   |   Autoweek   |   Automobilwoche

Automotive News China Newsletter
Register our free newsletter, sent each Monday and Thursday

     Automakers   Suppliers   Auto Show   Comment   Car Cutaway   Newsletters   Press Releases   Register for Newsletter
  Contact Us:   Editorial   Advertising   Subscription Information   |   About Us   Media Kit
Home >> Automaker Email this story   Print this story
Nio ES6
Nio eyes luxury sales amid sluggish market
Bloomberg | 2018/12/18

Nio Inc., the U.S.-listed Chinese upstart seeking to take on the likes of Tesla Inc., said China will continue to be a big luxury car market despite falling car sales.

"Unlike developed markets such as America where the number of new cars and end-of-life vehicles is almost balanced, China¡¯s auto market growth is still incremental, though it is reaching a watershed," William Li, founder of Nio, told reporters in Shanghai on Sunday.

"Plus, electric vehicles sales grow fast in China and sales of luxury cars are unlikely to drop."

Facing fierce competition in China¡¯s auto market, Li said Nio is conducting preliminary research about breaking into overseas markets, including legal compliance and adopting a business model that will adapt to local costumers, though it was still too early to present a detailed plan.

Nio raised $1 billion in a New York initial public offering in September that valued that company at $6.4 billion. The carmaker started to deliver its seven-seater ES8 sport utility vehicles to consumers in June and added a new model ES6 to its lineup earlier this month.

Nio has been ramping up production of the ES8 crossover, its first commercial product, at a partner¡¯s plant in the eastern city of Hefei. Li has pledged to deliver 10,000 vehicles to customers by year¡¯s end. Nio needs to sell about 100,000 vehicles a year to break even, according to estimates by Sanford C. Bernstein & Co.

Car sales in the world¡¯s second-biggest economy declined for a sixth consecutive month in November, bringing the China market closer to its first annual drop in at least two decades.

Related Stories
  • Evergrande to start making electric vehicles in June
  •     --Published:2019/22/3
  • GM to launch 9 locally produced electrified vehicles in next 5 years
  •     --Published:2019/15/3
  • BAIC sets sights on Europe with electric supercar, crossover
  •     --Published:2019/8/3
  • Nio warns of lower Q1 sales, scraps Shanghai plant
  •     --Published:2019/8/3
  • TGood says EV battery charging unit breaks even
  •     --Published:2019/5/3
  • EVs shine as market's lone bright spot
  •     --Published:2019/22/2
  • VW hikes EV target by 50% with China, budget models
  •     --Published:2019/19/2
  • China's EV market: Dispelling the myths
  •     --Published:2019/12/2
  • China's Arcfox to introduce next-gen crossover concept in Geneva
  •     --Published:2019/8/2
  • Koenigsegg teams with Saab successor to go electric
  •     --Published:2019/1/2
  • Evergrande Health takes 1.06B yuan stake in Chinese auto battery maker
  •     --Published:2019/29/1
  • Didi, BAIC form joint venture to work on green-vehicle projects
  •     --Published:2019/29/1
  • BP invests in Chinese electric vehicle charging platform
  •     --Published:2019/25/1
  • Germany backs r&d center for EV battery technology to rival Asia producers
  •     --Published:2019/25/1

    Our Newsletter Editions
    Automotive News China produces two email newsletters each week. You can sort your news by the articles highlighted in each of our newsletters here.

    Select your newsletter     


    Automotive News China
    Room 1303, Building 2, Lane 99, South Hongcao Road,
    Shanghai 200233
    Telephone: 86-139-1851-5816
    Fax: 86-21-6495-0895
    Home | Help Center | About Us | Privacy Policy | RSS
    Entire contents © Crain Communications, Inc.
    Use of editorial content without permission is strictly prohibited. All Rights Reserved.