The stock price of Nio Inc (NYSE: NIO) increased by 4.83%, going from a previous close of $42.62 to $44.68. Investors appear to be responding positively to a report from 36kr via CnEVPost that NIO is planning to release a new model of its sub-brand as early as the first half of next year.
Ai Tiecheng, the former GM of WeWork Greater China, joined NIO to become the head of the company’s mass-market sub-brand. Tiecheng’s position at NIO is VP of strategic new business and the job reports directly to NIO CEO William Li. Tiecheng is considered to be a friend of NIO President Qin Lihong and previous worked as VP of marketing at the Shanghai Disney Resort prior to joining WeWork.
NIO is currently the only local Chinese electric vehicle brand that has a strong position in the high-end market with a minimum price of RMB 358,000. This price can be reduced with the BaaS battery leasing service, but a monthly battery rental cost is required.
The sub-brand will likely have the same battery swap technology, but it would most likely have a separate system that includes channels, an app, and communities. The development of the NIO sub-brand is already happening in Hefei. And NIO product planning director Yu Bin is involved in the day-to-day operations of the sub-brand.
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