August 12, 2021

BEIJING (Reuters) – Nio Inc plans to deliver three new car models next year, including its first sedan, Chief Executive William Li said on Thursday, as the Chinese premium electric vehicle maker reported a narrower loss for the quarter ended June.

The automaker has also stepped up its preparations to make mass market products under another marquee and “the core team of the new brand has been assembled, marking the first step of a strategic initiative”, Li added, without giving more details.

Nio, which is making and selling three SUV models in China’s eastern city of Hefei, reported a 659.3 million yuan loss in the second quarter, 45.4% narrower than a year earlier.

It delivered 21,879 vehicles between April and June, up from 10,331 units in the same period last year.

To expand its product lineup to compete with rivals including Tesla and BMW, Nio launched its first sedan model ET7 in January but delivery will only start in 2022, meaning Nio will not have new model for this year.

Li did not offer details of the three new models for next year, which include ET7, but said they will be developed upon Nio’s new product platform.

Nio is also expanding its production base in Hefei city.

In May, it launched its branch in Norway and plans to start selling cars in the country as it pushes to expand globally.

(Reporting by Yilei Sun and Brenda Goh; Editing by Himani Sarkar)