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Chinese electric vehicle maker Nio Inc said it is developing a mass-market brand to challenge local rivals and the big US and European car brands, as well as delivering three new car models next year. With Nio having pitched itself as a more upmarket brand initially, with models costing upwards of RMB 300,000 (above US$46k or £33k), chief executive and co-founder William Li said the new brand will be positioned similar to Volkswagen and Toyota.
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