Chinese electric car company Nio to enter Middle East this year amid global expansion by peers

Chinese EV company Nio plans to expand to the Middle East this year, CEO William Li said on an earnings call Thursday, adding that deliveries of its lowest-priced brand will start in the first half of next year.

Nio launched a lower-priced brand called Onvo in May and is working on an even lower-priced brand called Firefly.plans to expand to the Middle East this year, CEO William Li said on an earnings call Thursday, at a time when rivals have been increasing their global footprint. The U.S.-listed Chinese company, which has been operating at a loss, plans to start offering its products and services in the United Arab Emirates by the end of this year, Li said, according to a FactSet transcript.

Firefly will share the same point of sales as Nio-branded cars, Li said, noting it would be similar to the sales model used by MINI and BMW.

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