(Reuters Breakingviews) - Automaker Nio is on a roll, delivering more than 11,00...
Chinese electric vehicle start-up Nio Inc. vehicles are on display in front of the New York Stock Exchange to celebrate the company’s initial public offering in New York, U.S., September 12, 2018. REUTERS/Brendan McDermid
The world’s largest auto market contracted for the first time in three decades in 2018, yet Nio’s slick branding managed to entice China’s affluent upper middle class. The newly listed company reported revenue of nearly 5 billion yuan last year, according to results released Tuesday. But its scarcity value will be diluted this year. Byton, a local startup founded by former BMW and Infiniti executives, opened its first China showroom in January. Alibaba-backed Xiaopeng has already received more than 10,000 orders for its sleek G3 sports utility vehicle. Volvo is preparing to hive off its China-based premium brand, Polestar, into a stand-alone electric-car unit. Meanwhile, Tesla is slashing prices and starting work on a Shanghai factory.
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