Nio aims to be among the Top-10 biggest automakers by the end of 2035, the company’s co-founder and CEO William Li said at the media conference. He underlined that the company must double its efforts to keep up with “excellent Chinese peers.”
William Li shared his vision of the global automotive industry development during the media conference, IT Home reports. Nio CEO expects that at least half of the Top-10 biggest global automakers will be Chinese by 2035. At the same time, Li underlined that a few automotive companies will survive in the future, considering the development of the regional industry distribution. Even originally well-developed companies can be eliminated at a later stage.
According to Nio’s CEO, the company strives to be on the list of Chinese automakers that will enter the top 10 by 2035. According to William Li, it is Nio’s goal to double their efforts and not to be left behind by “excellent Chinese peers.”
Currently, BYD is the biggest Chinese brand with over 3.74 million vehicles sold in 11 months of 2024. The company’s net worth reaches 107.6 billion USD. BYD is also a rapidly developing company. This year, it has sold more cars than the Chinese automotive giant SAIC Group. Other top-tier Chinese automakers are FAW, GAC, Geely, BAIC and Dongfeng.
Nio sold less than 200,000 cars globally in the first eleven months of 2024. Its net worth is 9.46 billion USD. This year, the 10-year-old company aims to sell 230,000 units. Next year is very important for Nio as it steps into the mainstream EV segment with the new Firefly EV brand. It will also expand the model line of the middle-to-high Onvo brand. These two projects can lead to a sales boost. Otherwise, Nio will struggle to be on par with its domestic rivals.
