Shares of Nio (NYSE:NIO) are off to a rocky start, down more than 20% year-to-date. However, the Chinese electric vehicle (EV) maker recently announced an exciting development that could increase its annual production by 60,000 vehicles per year. Nio reported that it would be developing a sub-brand model that would be positioned below its existing SUV and sedan models. So, what does this mean for NIO stock?
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Nio did not immediately disclose the name and specifications of the sub-brand model. Regardless, Nio President Qin Lihong announced last year that “Gemini” would be the code name for an upcoming 2022 product launch. Additionally, Nio’s CEO, William Li, confirmed in a conference call last year that Nio would be launching a sub-brand. Li added that Nio had already established a team to work under the sub-brand. Furthermore, he claimed it would cater toward the mass market.
What else should you know about Nio’s new sub-brand model? Let’s dive right in.
NIO Stock: 7 Things to Know About Nio’s Sub-Brand
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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