NIO will open another used car store in Guangzhou on February 26, the second after its Hangzhou store and its first in southern China.

NIO to open its second used car store on Feb 26-CnEVPost

(Image credit: NIO)

As its user base continues to grow, NIO seems to be increasing its efforts in the used car business to build its premium image in as many areas as possible.

After opening its first official used car experience store in Hangzhou, Zhejiang province in eastern China early last month, NIO will open its second such store in Guangzhou, Guangdong province in southern China on February 26.

This will be NIO's first used car experience store in southern China, located in the core business area of Guangzhou's Panyu district, according to information announced by the company on Monday.

NIO has not released any more information about the store, which is expected to be known when it opens.

On January 3, 2021, NIO announced the launch of a business called NIO Certified to launch an official used car business on a self-operated basis.

NIO said at the time that it would invest RMB 3 billion ($470 million) to drive NIO Certified's growth.

The company stressed at the time that NIO's official used car business does not aim to make money. "Doing well in the used car business is the best protection for existing users," William Li, founder, chairman and CEO of NIO, said a year ago.

The move was seen as necessary at the time to help alleviate potential users' concerns about the residual value of their vehicles, and helped NIO further enhance user loyalty.

On January 3 this year, as the business turned one year old, NIO made a major upgrade to it by opening its first official offline used car experience store.

The store, which officially opened on January 3, is located in Hangzhou's Overseas Sea Auto Mall, which opened in 1999 and is one of the largest integrated auto markets in eastern China.

"We need to keep thinking, keep investing and keep innovating so that more people, in a more appropriate way, can experience NIO's products and services and make official used cars a reason for more people to like NIO," the company's co-founder and president Qin Lihong said at the time.

NIO delivered 9,652 vehicles in January, bringing its cumulative deliveries through January 31 to 176,722 units.

NIO to open its second used car store on Feb 26-CnEVPost