The vehicle comes with a price tag of 448 000 yuan ($65 000) before incentives. NIO, formerly known as NextEV, is among several startups to have sprouted in China after the introduction of incentives. In January, Byton, a Nanjing-based company started by former BMW AG executives, became the first Chinese automaker to hold a large-scale unveiling at the Consumer Electronics Show in Las Vegas. Others like WM Motor Technology Co. and XPeng Motors, backed by funding from Alibaba Group, are also developing new models. NIO's founder Li, also known as Li Bin, said he plans to transfer 50 million shares, accounting for about one-third of shares he owns in the company, to a trust at an "appropriate time in the future," he said in a letter in a filing to the US Securities and Exchange Commission. Li will retain voting rights to the stock while NIO users will discuss and propose how to use "economic benefits from these shares, through certain mechanisms to be implemented in the future," he said.