Chinese EV start-ups Nio and Xpeng turn to the mass market for growth

Nio Founder and CEO William Li poses outside of the New York Stock Exchange to celebrate his company's IPO.BEIJING — Chinese electric car start-ups Nio and Xpeng are turning to a lower-priced segment of the market with plans to release newly branded cars this year.Nio's first such mass market car will be an SUV cheaper than Tesla's Model Y, CEO William Li told CNBC's Eunice Yoon on Thursday. The Tesla SUV starts at 249,900 yuan ($35,197) in China.Like many early entrants to China's electric car market, U.S. ...