We believe the Chinese auto market possesses a unique set of characteristics that make it the perfect place for NIO to thrive. China is the world’s fastest-growing auto market given the rise of its middle class, which numbers in the hundreds of millions. The Chinese leadership is on a clear push to decarbonise the economy, and in many cities, it is now almost impossible to acquire a number plate for a traditional internal combustion vehicle. The future of motoring is clearly electric, but substantial duties apply to premium imported EVs, and Chinese consumers are finding ‘homegrown’ brands increasingly appealing. The brand appeal of NIO’s vehicles is enhanced by access to an extensive battery-swapping network and a wide range of other membership community benefits. Over the coming years, NIO looks set to expand overseas, have millions of its own vehicles on the road and to provide technology to manufacturers serving the mass market.

It began with the inspirational founder William Li, who in 2014 stood on his balcony in Beijing. He was 500m away from the China World Trade Centre, which he could not see through the polluted air. “I thought to myself, ‘we can do better than this’”, and so NIO was born.

November 2017