Phate Zhang

This will start with the all-electric Xpeng P7 sedan, with European deliveries set to begin this summer.

From now until 2027, pure electric vehicles will continue to enjoy purchase tax incentives, which will give Nio vehicles a significant advantage over fuel-powered luxury vehicles in terms of purchase costs, Nio said.

The partnership, which went from discussion to agreement in just three weeks, demonstrates Abu Dhabi's commitment to investing in technology innovation and clean energy transformation, Nio said.

China will still offer NEV purchase tax breaks from 2024 to 2027, but the intensity will diminish in steps.

Nio was invited to attend a roundtable of Sino-German entrepreneurs and was the only smart electric vehicle company present.

The investment will further strengthen Nio's balance sheet to power its continuous endeavors in accelerating business growth, driving technological innovations and building long-term competitiveness, said William Li.

Leapmotor will enter the European market, and ZF will use its branding in Europe to help the NEV maker.

Midea's automotive parts division, Welling, will provide thermal management products, including electric compressors, for the entire Xpeng model line.

Nio was 2,000 units last week, higher than the previous week's 1,500 units. From June 1 to June 18 Nio sales were 4,800 units.

All versions of the 2023 Song Plus are priced RMB 10,000 lower than the pre-sale.