TECH - Tesla's Chinese Rival Nio Set To Enter UAE Market By Year-End As Beijing Deepens Middle East Ties | Benzinga
Tesla’s Chinese Rival Nio Inc. (NYSE:NIO) plans to expand into the Middle East, specifically the UAE, by the end of this year.
What Happened: CEO William Li revealed the move during an earnings call on Thursday, CNBC reported. The company, which has been operating at a loss, aims to start shipping its lowest-cost brand, Firefly, in the first half of next year. Nio recently received funding from Middle East-based investors and saw record-high deliveries of 20,544 vehicles in May.
Nio primarily sells in China and parts of Europe, focusing on the higher-end market. Li mentioned that the brand can break even if monthly sales reach around 30,000 vehicles. The company plans to ...