Chinese electric car company Nio to enter Middle East this year amid global expansion by peers
Publishing timestamp: 2024-06-06 23:57:22
Summary
Chinese EV company Nio plans to expand to Middle East this year, CEO William Li said on earnings call. The company will start offering its lowest-priced brand in the first half of next year and plans to enter the United Arab Emirates market by the end of this year. Nio also launched a lower-priced brand called Onvo and is working on an even lower-priced brand called Firefly. Li mentioned that the company can break even if monthly sales reach around 30,000 vehicles. Other competitors in the Chinese electric car market are also introducing lower-priced brands.
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Tickers: NIO, 9868-HK, ZE594-CN, 9866-HK, TSLA, XPEV,
Keywords: breaking news: technology, markets, technology, tesla inc, nio inc, byd co ltd, stock markets, business news, market insider, autos, xpeng inc,