Chinese Electric Vehicle Startup Nio Formaly known as NextEV took part in Shanghai Auto Show where it came up with its model ES8 SUV which created immense interest among viewers, In a statement today according to Reuters, Nio has confirmed that it will start its mass production and selling of cars from next year, however the month it will start is not confirmed yet.
Nio is among the first raft of chinese startups that are going to produce electric vehicles, many of the companies has shown concepts cars so far though.
Chinese auto market is being flooded with electric cars, new electric vehicle startups increased in number after Beijing has opened the doors for investments. It was in Beijing’s priority to facilitate tech startups by providing them the best possible opportunities for investments.
Noi is the one which is backed by strong investors, Chinese technology giant Tencent Holdings, Baidu inc and Silicon Valley investors are fueling the company with their investments.
Baidu also has recently announced that it will start self-driving car technology in July,
Nio said that it would also sell 10 EP9 electric and super cars for $1.48 million, but they haven’t mentioned any timeline for this.