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Chinese electric car company Nio to enter Middle East this year amid global expansion by peers
Chinese EV company Nio plans to expand to the Middle East this year, and begin delivering vehicles under a third brand in the first half of next year.
BEIJING — Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an earnings call Thursday, at a time when rivals have been increasing their global footprint. The U.S.-listed Chinese company, which has been operating at a loss, plans to start offering its products and services in the United Arab Emirates by the end of this year, Li said, according to a FactSet transcript. Nio's power subsidiary is set to receive up to 1.5 billion yuan in fresh investment from a fund backed by the Chinese city of Wuhan, the company said in late May.
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