Nio Shifts to More Affordable EVs to Compete with Rivals' Cheaper Models
• Nio is shifting focus to more affordable EVs like the Onvo SUV and Firefly sedan to reach mass market
• New strategy responds to rivals like BYD selling cheaper EVs at higher volumes
• Nio has raised billions from investors but continues to post losses and burn cash
• CEO William Li is convincing backers to fund Nio's cash burn with big ambitions
• As stock has fallen 50%, Nio seen as more of a charging/battery play than car company