NYSE-listed Chinese electric SUV company Nio plans to venture into a new segment. The company has revealed that it will launch electric sedans, which could compete with the Tesla Model S and Tesla Model 3.
The Nio electric sedans will come under the second wave of Nio EVs. Having successfully launched three SUVs that are building up volumes gradually in China, Nio is working on two electric sedans, Founder, Chairman and CEO William Bin Li revealed during the Q3 2020 earnings call yesterday. This is what he said:
For the next product that we’re going to launch is going to be a sedan on the NP 2.0 platform. It means that we’re going to enter the sedan market. At the same time, we are also developing other vehicle models. For example, the second new product in the pipeline is also going to be a sedan.William Bin Li, Chairman and CEO, Nio
About the NP 2.0 platform of the first Nio electric sedan, Bin Li said that the company is accelerating its development. Mass production autonomous driving system is the core of Nio’s second-gen technology platform, he added. Moreover, he revealed that the company plans to share information about NP 2.0 at the Nio Day 2020 (on January 9, 2021). One of the two Nio electric sedans should be the production version of the Nio ET Preview concept – the Nio ET7. Readers may recall that the Nio sedan was confirmed for the first time during Nio Day 2019 held at a sports stadium in Shenzhen this year.
Nio can fill up white spaces in its product line with smaller and bigger SUVs, but there’s no immediate plan for a new flagship. When Credit Suisse analyst Bin Wang asked if a bigger Nio electric SUV, say a ‘Nio ES9’, is in the pipeline, Bin Li said:
At this moment, the rich market are not going to be our focus.William Bin Li, Founder, Chairman and CEO, Nio
The current Nio line-up includes Nio ES6, Nio EC6 and Nio ES8. The Nio ES8 is a full-size SUV but it’s not as big as typical American full-size SUVs like the Cadillac Escalade and the Lincoln Navigator. The Nio ES6 is a mid-size SUV and the Nio EC6 is its coupe version. The company has said that it will enter the European market and a launch is expected by 2022.