Nio is developing a new car brand to cater to the middle to lower end of the market, Chinese media 36Kr reported Friday, citing persons familiar with the matter. The new brand will be sold through separate channels and will target a price range between RMB 150,000 to RMB 250,000 ($23,200 to $38,700), about half the price of its current premium electric vehicles, according to the report. The company plans to launch the first model under the new brand early next year, the report said. [36Kr, in Chinese]