NIO’s annual revenue exceeded 55.6 billion, Li Bin: The second brand’s new car is 10% cheaper than Model Y

NIO released its financial performance report for the fourth quarter and full year of 2023. The report shows that the company's annual revenue reached 55.62 billion yuan, a year-on-year increase of 12.9%, once again setting a new historical record.

In a recent earnings call, NIO Chairman Li Bin revealed more details about the company’s upcoming second brand. He said that the first model of NIO's second brand will use battery swap technology, and its price is expected to be about 10% lower than Tesla's Model Y. Considering that the current guide price range of Tesla Model Y is 258,900-363,900 yuan, this means that the starting price of Weilai's new car is expected to drop to about 230,000 yuan, which will make it more competitive in the market.

It is understood that NIO’s second brand will mainly target the family market, and the first model is expected to be launched and delivered to consumers within this year. Li Bin said that the second model of NIO's second brand, focusing on the family market, has completed modeling, and the third model has also entered the planning stage. This strategic move aims to expand the company's market share and meet the needs of household users for electric vehicles. While NIO continues to launch new models, it is also constantly optimizing its product line to better meet the needs of different consumer groups. This move is expected to bring more potential customers to NIO and enhance the brand’s competitiveness in the market.

Recently, a set of spy photos of road tests of SUV models suspected to be owned by Alps, a sub-brand of NIO, have been circulated on the Internet. This set of spy photos shows the exterior design of a coupe SUV, with a slogan posted on the rear window: "Better than Edamame Y", which is obviously a direct comparison with Tesla's Model Y. This behavior undoubtedly further stimulated people’s expectations and attention for NIO’s new models.

Li Bin has publicly stated before that for consumers who are considering buying Tesla Model Y, it may be worth waiting. This seems to imply that Weilai is about to launch a new model. As NIO expands and strengthens its presence in the electric vehicle market, the competition between NIO and Tesla will become more intense.

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