FRANKFURT — Nio aims to grab market share from Volkswagen by introducing a model for the European market that will be sold for less than 30,000 euros ($33,060), the company’s chairman told Germany’s Der Spiegel magazine.
“Yes, in terms of price that means we are also attacking Volkswagen more strongly than before,” Der Spiegel quoted William Li, also Nio’s founder, as saying, without giving further details.
Sources told Reuters in February that Nio planned to build a factory to produce budget EVs under a new brand for export to Europe from as early as next year.