BEIJING — Chinese language premium electrical automobile firm Nio stated Thursday it plans to disclose its mass market model in Could.

Executives confirmed the brand new model shall be named “Le Dao” in Chinese language, and stated the identify is supposed to replicate households — the goal client section — having a contented time collectively.

Nio, based in late 2014, has up to now targeted on the upper finish of the market with SUVs and sedans that may value greater than Tesla’s Mannequin S or Mannequin Y, however include a set of providers akin to entry to consumer clubhouses generally known as Nio Homes.

Month-to-month automobile deliveries, nonetheless, have remained modest versus the speedy progress of some rivals.

Earlier this month Nio stated its mass market model would debut within the second quarter, with the primary product launch within the third quarter and large-scale deliveries the next quarter.

One other Chinese language electrical automobile startup known as Xpeng stated final summer time it plans to develop a brand new mass market model that may goal the 150,000 yuan ($20,580) worth vary. The corporate stated it could develop the model by means of a strategic partnership with Didi.