Electric vehicle maker Nio Inc (NYSE:NIO) has secured the tag of "most promising brand for growth" in a recent survey in China, as per a cnEVpost report.
What Happened: The electric vehicle company founded in 2014 is being seen as the most promising emerging brand for growth with a potential asset value of 736.1 billion yuan ($105 billion), as per the BrandGrow survey.
The survey looked at more than 200 emerging brands in the Chinese market over a period of 10 years or less with revenue growth rates well above the industry average, as reported by cnEVpost.
Why It Matters: Seen as a Tesla Inc (NASDAQ:TSLA) rival, Nio is among China’s fastest-growing electric vehicle startups alongside Xpeng Inc (NYSE:XPEV) and Li Auto (NASDAQ:LU), with aspirations to go global. Nio already plans to start selling its electric vehicles in Norway later this year, followed by expansion into the rest of Europe.
The Shanghai-headquartered EV maker delivered 6,711 vehicles in May, up about 95.3% when compared with a-year-ago numbers.
The company is also planning to roll out a more affordable sub-brand around the $31,300 price band, as per a cnEVpost report that cited Tech Planet.
See Also: Nio Opens Its 25th 'Nio House' Experience Center In Jiaxing City
Price Action: Nio shares closed 0.15% to $45.46 on Thursday.
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Photo: Courtesy of Nio
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