Nio Inc (NYSE:NIO) said on Monday "Gemini" is the code name for a new high-end product to be launched next year, burying media speculation it will be a mass, entry-level product, according to a cnEVpost report. 

What Happened: Nio supplier JAC had last month invited bids for the construction of a production line for JAC-NIO's 60,000 unit a year model codenamed "Gemini," sparking speculation that it would be an entry-level model.  

According to the report, the tender announcement was first published in April but the project involved in the tender was slightly different from that published later.  

The "Gemini" model may be placed under a new brand, the report said — citing Autohome.com.

See Also: Nio Begins Prepping For Nio Day 2021: What We Know So Far

Nio's current line of vehicles is focused at the high-end of the market and priced no less than $54,700 and the "Gemini" model may be aimed at the market below that, complementing NIO, the report said.

The company may announce more details on Gemini on Nio Day.

Why It Matters: Nio had earlier this year indicated plans to enter the mass market under a different brand, as per a Reuters report. The Tesla Inc (NASDAQ:TSLA) rival had in April said electric vehicle brands that gain market share by “constantly lowering” prices will only hurt their own brand image.

See also: How to Buy Nio Stock

Price Action: Nio shares closed 2.54% higher at $41.94 on Friday.

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