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NIO believes that it offers customers in China a superior "ownership experience" to what Tesla can offer. Although investors might worry that price cuts instituted in the country on Tesla's Model Y crossover EV might eat into NIO's business, Feng says that, to the contrary, in China Tesla tends to serve a useful purpose by attracting owners of traditional internal combustion engine cars to the idea of owning an electric vehicle. But once they're interested, customers often prefer to buy a NIO.Why? Name recognition is one factor. Feng says that within China, NIO has 80% brand awareness, and is admired for its interior design, handling/suspension, and "post-purchase service" -- in particular its technology that permits batteries in NIO cars to be "chargeable, swappable, and upgradeable" (to batteries with longer range).
NIO believes that it offers customers in China a superior "ownership experience" to what Tesla can offer. Although investors might worry that price cuts instituted in the country on Tesla's Model Y crossover EV might eat into NIO's business, Feng says that, to the contrary, in China Tesla tends to serve a useful purpose by attracting owners of traditional internal combustion engine cars to the idea of owning an electric vehicle. But once they're interested, customers often prefer to buy a NIO.Why? Name recognition is one factor. Feng says that within China, NIO has 80% brand awareness, and is admired for its interior design, handling/suspension, and "post-purchase service" -- in particular its technology that permits batteries in NIO cars to be "chargeable, swappable, and upgradeable" (to batteries with longer range).
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