acf domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/ecg/ecgassociationdev/wp-includes/functions.php on line 6121Automotive News Europe — 2023-05-02
Automotive Industry
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 ($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 2024.
Speaking at the Shanghai auto show earlier this month, Li said Chinese electric vehicle makers should brace for possible protectionist moves by foreign governments as they seize on their cost advantages to expand exports.
He said he estimated his company and peers making electric vehicles in China had as much as a 20% cost advantage over rivals such as Tesla thanks to China's grip over the supply chain and raw materials.