(Yicai) Dec. 25 -- Nio, a Chinese maker of premium electric vehicles, will introduce affordable models to cover a larger share of the market in the future, according to the startup founder.

Smart electric cars of different price points can share more technologies than traditional gas-powered automobiles so high-end applications can be used in more affordable models later, Li Bin said at a press conference yesterday. In turn, widening the market could lower the cost of future technologies, the chief executive added. 

Nio is growing its business quicker than average, per Li. In its hometown Shanghai and other highly developed cities, the startup sells more products priced above CNY300,000 (USD42,000) than other luxury brands, he added.

On Dec. 23, Nio started accepting bookings for ET9, its most expensive model ever, priced at CNY800,000 or more. The all-electric sedan is the second-priciest new energy vehicle launched by a Chinese firm, second only to BYD's Yangwang U8, priced at CNY1.1 million (USD154,100). Delivery should begin in the first quarter of 2025.

Nio has invested in over 70 firms, Li said. Many of them are supply chain companies, including makers of batteries and laser radar technologies, because Nio focuses on innovation and supply chain transparency, he added.

These investments may not necessarily cut production costs, Li said, adding that because of the firm's high-end product positioning, its goals also include making Nio models more comfortable.

The startup gained an investment of USD2.2 billion from CYVN Holdings, an investment vehicle of the Abu Dhabi government, last week. The Middle Eastern investor studied Nio's business deeply before the investment which reflects foreign investors' recognition of the Chinese NEV industry, Li said. Moreover, it was easier for the existing shareholder to make that decision, the founder added.

Since day one, Nio has been supported by investors worldwide, Li said. The firm that got listed on the New York Stock Exchange in September 2018 has many investors from different parts of the world, becoming one of the Chinese firms to draw attention abroad, the CEO added.

The auto industry is not a winner-takes-all market, and the competition makes the Chinese car industry increasingly better, Li said. Five out of the world's top 10 auto groups by 2035 are expected to be Chinese, Li added.

Editors: Tang Shihua, Emmi Laine