The Chinese manufacturer Nio is apparently planning a third brand for even more affordable electric cars. According to a media report, the third Nio brand will cover the e-car segment with a price range of 100,000 to 200,000 yuan (equivalent to about 14,500 to 29,000 euros).
In addition to the current core Nio brand with higher-priced models, Nio is initially planning to launch a new brand for electric cars between 200,000 and 300,000 yuan in the second half of 2024. This brand is codenamed ALPS, according to the new report by the portal 36kr. It is not yet known when the third Nio subsidiary will be launched and what it will be called.
Each of the brands will apparently be run with an independent management and R&D team, according to the report. A core team is currently being recruited for the as yet unnamed budget brand. A separate development team could make perfect sense, as the technological synergies between the Nio vehicles with batteries between 70 and, in future, 150 kWh are likely to be manageable. According to “36kr”, the new brand should specifically cover the market for low to medium ranges.
According to a Chinese autoblogger, the third project will be codenamed ‘Firefly’ or internally as ‘GJ’. The first model could resemble SAIC-GM-Wuling’s China bestseller Baojun E300, according to the Weibo blogger.
Nio founder and CEO William Li would not comment on the information.
What is clear is that Nio is pushing ahead with European expansion for its main brand. The company now officially has a factory in Europe to manufacture battery swap stations on. The factory, located near the Hungarian capital Budapest, is scheduled to start operations in September 2022 and will serve as a service, research and development centre in addition to production.
There were recent reports of this plant in Hungary, but no details were known about the opening. In the announcement, Nio confirms the size of 10,000 square metres, but no production capacity is mentioned. With the European production, Nio says it wants to “create a solid foundation for local battery replacement and charging services”.
cnevpost.com (third brand), nio.com (Hungary)
Keyword: Nio is planning an affordable EV subsidiary