Apr 19, 2023 03:44 AM

BUSINESS

Nio Plans Europe Expansion as China’s EV Price War Intensifies

William Li, chief executive officer of Nio Inc., during a news conference in Shanghai, China, on Monday, April 17, 2023.

William Li, chief executive officer of Nio Inc., during a news conference in Shanghai, China, on Monday, April 17, 2023.

(Bloomberg) — Electric-vehicle maker Nio Inc. plans to intensify its European expansion as a price war in the company’s vast home market of China squeezes margins.

Nio will unveil a model next quarter that caters to European demand for compact cars and will also be sold in China, Chief Executive Officer William Li said at a media briefing Monday ahead of the Shanghai auto show.

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