NIO Launches Affordable Model to Challenge Volkswagen (Below 3w Euros)
According to the news on May 5, Li Bin, the founder of Weilai Automobile, said in an interview with the German “Der Spiegel Weekly” that he has made sufficient preparations in the European market and will provide European customers with electric vehicles below 30,000 euros, and is expected to achieve profitability this year.
In the interview, Li Bin expressed his respect for big local European brands such as Mercedes-Benz, BMW and Audi, but also made it clear that he would challenge Volkswagen in the European market.
NIO’s cars have been officially launched in Germany, and customers have received good feedback. In the future, the company will launch two other brands in the European market. One of them will only offer small, cheap electric cars priced below 30,000 euros.
Li Bin also said in the interview that he is not afraid of a price war with Tesla in the Chinese market.
He believes that Tesla’s actual market share in China does not exceed 10%, and it cannot influence market pricing; secondly, our flagship model is $20,000 higher than Tesla, which is not our core market segment.
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