Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: All or nothing: Why circular business models require a holistic approach
    • Capgemini: Invent Head on automotive takeaways from CES 2023
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • Capgemini: The circular economy is spurring new thinking on EV batteries
    • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Automakers
October 25, 2022 03:53 AM

Nio targets Europe and reaching profit faster than Tesla

Nio has set its sights on Europe and is on track to profitability at a faster pace than Tesla, CEO William Li said.

Nathan Eddy
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    Nio ET7 at 2021 Shanghai auto show
    REUTERS

    Deliveries of the Nio ET7 large sedan will start this month in Europe.

    BERLIN -- Chinese automaker Nio is focusing on the European market and hopes to succeed where rivals have struggled.

    Nio founder William Li said the number of Chinese automakers with "a real product" is between 20 and 30. Li said these include companies such as Geely and SAIC, which he says have established electric brands.

    "All this competition is good because it moves the industry forward," Li said in an interview with Automotive News Europe sister publication Automobilwoche,

    "You have a lot of great automakers in Europe. Even in China, Mercedes, BMW, Audi, and the others are tough competitors. We still have a long way to go to be that strong," Li said.

    The automotive industry is currently one of the "most open markets" there is and if Nio can survive in China, it has the chance to be competitive in other markets, he said.

    Li  said Nio is on track to profitability, "Tesla took 16 years. We do not need 16 years."

    Li said Nio is focused on battery-electric vehicles, as opposed to hydrogen fuel cells, because he believes they are the solution for automated driving. "The vehicle is becoming a mobile living space, and that only works with an e-car," he said.

    While he declined to offer target sales goals for 2022, he said that at this stage, the company is interested primarily in customer satisfaction.

    "My goal for Europe is for Nio to be the brand with the highest customer satisfaction in three years," he said.

    From a financial standpoint, Li said Nio has recently improved its gross margin by more than 20 percent, despite supply chain challenges.

    "We are on track [to profitability]," he said. "Tesla took 16 years. We do not need 16 years."

    Cars launched from now on in Europe will all be built on the automaker’s latest NT2 platform, starting with the ET7 large sedan. Deliveries of the ET7 will start this month in Europe, followed by the ET5 midsize sedan and EL7 large SUV in March.

    Nio has said it would launch a mass-market brand, as yet unnamed, saying that the new brand's relationship to Nio would be similar to that of Volkswagen Group to Audi, and Toyota to Lexus.

    The company plans to bring this new mainstream electric brand to Europe a few months after it launches in China in 2024.

    Nio also plans to build 1,000 battery swapping stations outside China by 2025, most of them in Europe, to service the expanded range of EVs it will begin selling this year in Germany and other European markets.

    Related Article
    Nio shifts attention to short-range from long-range battery
    China's Nio will sell new mass-market brand in Europe
    RECOMMENDED FOR YOU
    VW recasts Seat brand for car sharing and subscription role
    Recommended for You
    Seat/Cupra pillar
    VW recasts Seat brand for car sharing and subscription role
    VW Porsche badges
    VW Group's controlling family to get $425M dividend from Porsche SE
    Peugeot badge
    Peugeot dynasty takes hit from deep slump in auto holdings
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
    • More
      • Publishing Partners
        • Capgemini: All or nothing: Why circular business models require a holistic approach
        • Capgemini: Invent Head on automotive takeaways from CES 2023
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • Capgemini: The circular economy is spurring new thinking on EV batteries
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us