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Chinese EV maker Nio plans new factory for its mass-market brands as motorists drift towards cheaper models, say sources
- The company is moving towards building cars aimed at middle-income motorists, with plans to launch two mass-market brands code-named Alps and Firefly
- Nio now plans to build 1,000 battery swap stations across mainland China this year, an aggressive move aimed at bolstering sales of its cars
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Daniel Renin Shanghai
Chinese electric vehicle (EV) maker Nio edged closer to launching new brands to appeal to budget-sensitive consumers after it secured a site for a new factory in east China’s Anhui province.
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It also doubled down on plans to roll out battery swap stations across the country.
The Shanghai-based carmaker has opted to take over a defunct facility previously owned by sport-utility vehicle (SUV) maker Leopard in Chuzhou city and build a new plant there to assemble lower-priced electric cars, according to two officials at car component companies that have business ties with Nio. The two declined to be named.
It will be the fourth production facility built by Nio, a company seen as a premium EV maker that has the potential to compete against Tesla in China.
Nio did not respond to requests for comment on Tuesday.
02:05
Chinese smart-battery swap stations can change EV batteries automatically
Chinese smart-battery swap stations can change EV batteries automatically
The company has been making strides towards building cars that are more affordable to middle-income motorists since last year, with plans to launch two mass-market brands code-named Alps and Firefly.
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