Nio

Nio announced Friday that it has received European Whole Vehicle Type Approval (EWVTA) for the ES8, marking an essential foundation for Nio's entry into Norway and the European market at large.

Nio is assembling a team internally to secretly create a new lower-end sub-brand that will target a market priced around RMB 200,000 yuan ($31,300).

Nio is planning to launch a new brand with a lower positioning, which insiders are calling a sub-brand, yicai.com reported Thursday.

"Nio is still a first-year student, but people are already paying us in advance of when we graduate with our PhDs. Over the next decade or so, we're going to finish school," he said.

"It's very fast, and I looked at it yesterday and the plant has already started building the structural part," Li said.

The Nio App, which offers rich functionality in a simple interface, has won a new award for the Chinese electric vehicle company.

Nio will have to build 250 battery swap stations in the remaining 205 days of the year to meet its target, an average of one every 0.8 days.

Nio unveiled the ET7 sedan at the beginning of the year but never revealed the model's pre-order volume or sales target. Now, a document has revealed its sales target.

The change delayed Nio's average delivery time by four days. Excluding invoicing, Nio would have basically been able to go from order receipt to delivery in a little more than two weeks in May.

Nio announced plans to enter overseas markets a month ago, with Norway as the first stop. In the view of Deutsche Bank analyst Edison Yu's team, investors are currently underestimating Nio's potential in this aspect.