Nio founder and chief executive William Li ruled out plans to develop a multi-purpose vehicle (MPV), saying the recently pre-launched three-row ES8 SUV can deliver many of the functions of an MPV while offering superior driving dynamics.
Speaking at a media Q&A session on Friday, Li said that the company would rather focus on profitable products that more directly address customer needs.
“I’m not so stubborn. If making an MPV was profitable, I’d do it, but I always like to ask why,” Nio‘s CEO stated.
Willia Li added that he instructs Nio’s product team not to confine themselves to conventional body types such as MPVs or SUVs.
“I believe product definition should truly meet user needs, not be confined to a specific body type. So, I don’t have MPVs or SUVs in mind, and I ask the product team to think outside the box.”
Li also criticised shortcomings in the segment. “MPVs actually have many drawbacks, such as feeling uneasy on the highway and a bit of wind noise. The ET9 doesn’t have that.”
The media session took place less than 24 hours after the company pre-launched its third generation ES8, a six-seat sport-utility vehicle (SUV).
Instead, he pointed to the company’s ES8 SUV as fulfilling many of the functions expected of an MPV while offering better driving dynamics.
“We still want to create a product (the ES8) with space and ease of entry and exit comparable to an MPV, with excellent handling that won’t make people feel uneasy at highway speeds,” he said.
Li said earlier this month that the upcoming ES8 offers “a space experience far surpassing that of luxury SUVs in its class, as well as the ride comfort and space experience of a high-end business MPV.”
“With the new ES8, you get a luxury SUV and a business MPV in one,” he added.
At the media Q&A session held early Friday morning, Nio‘s co-founder and president Qin Lihong said that pre-orders for the ES8 “have already exceeded those of the Onvo L90 in the same period after their respective pre-launches.“
In recent weeks, Li had already signalled that the company saw little reason to develop an MPV. Following the pre-launch of the revamped ES8, which was priced lower than expected, he said customers would understand why Nio is not developing an MPV.
Providing historical context, Li said MPVs in China had evolved from a niche product into a status symbol in Hong Kong before becoming a luxury option in the mainland.
“How did the MPV come about? It was originally a niche product. The [Toyota] Alphard was originally sold very cheaply in Japan, but in Hong Kong it became a must-have for wealthy people. Hong Kong people moved north, bringing this trend to mainland China, where it became a luxury car. The [Buick] GL8 is a bit different; it’s designed for official use.”
US-listed shares of Chinese EV maker soared 14.4% on Friday and nearly 50% over the past six trading sessions, reaching a new high since early October 2024.
