Chinese EV startup Nio aims to become the Tesla of China

ANASTASIA ZYG


Nio may not be a recognizable name in the US, but it is becoming a leading player in China’s EV market. But the company has had its fair share of problems along the way.

Nio has racked up over $6 billion in costs since starting in 2014 and was on the brink of collapse in 2020. But it has managed to turn that around and become the world’s 4th most valuable automaker.

Despite setbacks due to the coronavirus pandemic, the company has continued to grow. In the third quarter of 2020, it reached $628 million in sales and delivered up to 12,206 vehicles. However, the company still has a long way to go before it can dominate the Chinese auto market.

Watch the video to learn about Nio’s impressive rebound and whether the automaker can become the Tesla of China.



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