Chinese electric car start-ups Nio and Xpeng are turning to a lower-priced segment of the market with plans to release newly-branded cars this year.
Nio’s first such mass market car will be an SUV cheaper than Tesla’s Model Y, CEO William Li told CNBC’s Eunice Yoon on Thursday.
Xpeng, which sells its cars in a slightly lower price range than Nio, plans to launch its new sub-brand Mona in the next two or three months, Vice Chairman and Co-President Brian Gu told CNBC on Thursday.
Competition in China’s market space intensifies.