Nio on Wednesday reported RMB 8.45 billion ($1.31 billion) in revenue for the second quarter of 2021, up 127% from a year ago. The company also narrowed its net loss by half to RMB 587.2 million. The Chinese premium electric vehicle maker has accelerated its plan to enter the mainstream market by setting up a new sub-brand, said CEO William Li during the earnings call. Nio’s shares gained 1.09% on Wednesday after-hours trading. [Nio statement]