Nio launched a new model and might launched a new brand

Chinese Electric startup Nio launched a new model ET7, which is the first sedan from this automaker as they currently have 3 SUV models. This sedan will be in higher price range again and it wont be cheap car for masses, but its still sign that they have bigger range of vehicles. Nio CEO also said that they have a plan for mass vehicles which would be much cheaper, but they will do it under different brand, like for example Toyota has Lexus as their premium division, so NIO would stay premium and have different brand, this would a great news though as they need to compete with Tesla Model 3 in China. Nio is looking to extend rally as after 8% on Friday they are already 9% up on premarket. (Moss, Wall Street Journal)

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