- The stock price of Nio Inc (NYSE: NIO) increased by 4.83%. This is why it happened.
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.
The sub-brand is reportedly going to be a mid-to low-end brand launched by NIO independent of the NIO brand and it is expected to be priced at a range of RMB 150,000-250,000.
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.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
