NIO, one of China’s leading electronic vehicle (EV) company will make an entry into the Pakistani automobile market. NIO will reportedly launch three models in 2022.
Interestingly, one of the models will have the lowest price of all Nio-branded models. The pricing comes as NIO aims to compete with Tesla by providing a better product and service at lower prices. Currently, NIO is competing with premium brands including Audi, BMW, and Mercedes.
“We want to provide better product and service at prices lower than Tesla Inc’s,” said William Li, Nio founder, and CEO. However, he did clarify that the company will not produce mini-sized electric cars such as the popular Wuling Hongguang ones.
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The Chinese EV giant did not reveal any specific details about the launch schedule. However, according to its website, Nio aims to launch its volume brand within the next 2 years in 20 countries. This also includes Pakistan as shown in the map pictured below.
EVs to help curb air pollution
Important to note, Nio is one of the best-selling premium electric carmakers in China. It delivered 21,896 vehicles in the second quarter this year, up over 111.9 percent from the same period last year. Furthermore, the idea of a cheaper premium EV to launch in Pakistan is certainly a welcoming one as the country is currently picking speed to shift to EVs in order to combat pollution.
Under its proposed Automobile Policy 2021-2026, the Federal Government is envisioning removal of duties on imported EVs, a 1% tax on EV parts for local manufacturing, 1% sales tax for locally assembled EVs of up to 50kwh (sedans), and light commercial vehicles.
The government also proposed no Federal Excise Duty on EVs, 1% duty on imported EV charging equipment, and aims to allow for duty-free importing of machinery for the local manufacturing of EVs. With the EV push, the government aims to make a shift to 30% electric cars and trucks by 2030, and 90% by 2040.