Nio plans to intensify its European expansion as the price war in its home market squeezes margins.
Nio will unveil a model next quarter that caters to European demand for compact cars and that will also be sold in China, CEO William Li said.
Next year, the company will launch a brand of vehicles for the European market that will be made at a new factory in China, Nio President Qin Lihong said at the show.
The project is codenamed Firefly
Reuters reported in February that Nio plans to build a factory to produce budget EVs under a new brand for export to Europe.
Nio offers six models and plans to launch five more this year under its own brand. The Nio brand is positioned for the premium segment to compete with BMW, Mercedes and Audi.
Bloomberg contributed to this report
