Nio Named Most Promising Brand For Growth In China Survey

Electric vehicle maker Nio Inc NIO has secured the tag of "most promising brand for growth" in a recent survey in China, as per a cnEVpost report.

What Happened: The electric vehicle company founded in 2014 is being seen as the most promising emerging brand for growth with a potential asset value of 736.1 billion yuan ($105 billion), as per the BrandGrow survey.

The survey looked at more than 200 emerging brands in the Chinese market over a period of 10 years or less with revenue growth rates well above the industry average, as reported by cnEVpost.

See Also: Nio Says NOP Autonomous Driving System 'Less Aggressive' Than Rivals As EV Maker 'Prioritizes Safety'

Why It Matters: Seen as a Tesla Inc TSLA rival, Nio is among China’s fastest-growing electric vehicle startups alongside Xpeng Inc XPEV and Li Auto LU, with aspirations to go global. Nio already plans to start selling its electric vehicles in Norway later this year, followed by expansion into the rest of Europe. 

The Shanghai-headquartered EV maker delivered 6,711 vehicles in May, up about 95.3% when compared with a-year-ago numbers.

The company is also planning to roll out a more affordable sub-brand around the $31,300 price band, as per a cnEVpost report that cited Tech Planet.

See Also: Nio Opens Its 25th 'Nio House' Experience Center In Jiaxing City

Price Action: Nio shares closed 0.15% to $45.46 on Thursday. 

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Photo: Courtesy of Nio