Why Nio’s road to profitability runs through Europe

Electric vehicle startup Nio is often described as China's Tesla because it has faced similar financial struggles as it spends big to establish itself. The premium brand hit financial rock bottom last year after reaching losses of about $6 billion since being founded in 2014. This year has brought better news, including new state investment from the Chinese city of Hefei and record monthly sales of its two SUVs in May. To be profitable, however, the company needs to establish sales outside China, including Europe, Nio President Lihong Qin told Automotive News Europe Correspondent Nick Gibbs.