The Chinese automaker believes that the “golden era” of the electric vehicle market is past us, Reuters reports quoting company CEO William Li.
According to him, China is already a fairly saturated market with around 370 million EVs currently in use. Sales are becoming slow, customers start being choosy, and the competition only keeps growing.
Despite this, China remains the key destination for local EV makers seeking profit. Most companies have an easier time becoming profitable in their domestic region. International shipment sounds like a good idea but requires substantial investment with no clear guarantees of profitability. Furthermore, some countries create artificial barriers to protect their economies, forcing automakers from China to re-focus on their domestic clientele.
Nio has been trying to sell its EVs abroad since 2021, but has repeatedly called their share “insignificant” in annual sales reports. The company’s latest model, the large and opulent ES9 SUV, is also a battery-electric car. It sends 707 PS (697 hp / 520 kW) to the wheels and runs up to 620 kilometers (385 miles) on a full charge. You can check it out in detail in the video above.
Moving forward, Nio plans to prioritize developing various ADAS features and its own, proprietary in-car software. It also hopes to expand its offering of electric cars in the near future, but all details remain to be announced.