Nio, a Chinese electric vehicle company, stated on Sunday

In 2023, it will outsell Toyota's luxury brand Lexus in terms of car sales in China.

After the German goliaths BMW, Mercedes, and Audi, Lexus is one of the most well-liked luxury automobile manufacturers in China.

Although we will undoubtedly trail BMW, Mercedes, and Audi, I am convinced that we can defeat Lexus in 2023, according to Nio Chairman and CEO William Li.

One day after Nio unveiled two new models and its third-generation battery switch stations, Li made the comment on Sunday.

In the first 11 months of this year, Nio sold 106,671 vehicles, up 30% from the same period last year.

In the same time period, Lexus sold 168,644 units, a decrease of 16.45% from the previous year.

Nio did not specify a sales target for 2023, but according to Qin Lihong, president of Nio

Lexus sales in China may reach over 200,000 units in the coming year.

According to Qin, Nio's new models will start to distinctly increase its sales beginning in the fourth quarter of 2023.

Since 2015, China has dominated the global market for electric and plug-in hybrid vehicles.

The China Association of Automobile Manufacturers projects that they would sell 6.7 million units this year, up from 3.5 million units in 2021.