NIO Set to Launch Two Independent Affordable Brands for Mass Market Vehicles in 2024

  • Nio is planning to introduce two new affordable brands for mass-market vehicles in the coming year
  • Project Firefly will be designed to develop a new brand of entry-level EVs with a target price of around £23,500, which is expected to compete against models like the upcoming Volkswagen ID
  • Both Firefly and Alps EVs will feature Nio’s battery-swap technology
  • The models for the Alps brand will reportedly be priced between Firefly and Nio

FireFly And Alps

In 2024, Nio plans to launch two new value brands named Firefly And Alps, which will offer existing battery-swapping capabilities. The introduction of these new brands are part of Nio’s expansion strategy to target the mass market with affordable EVs.

While speaking about the new brand, William Li, CEO of Nio, mentioned that the cost of batteries is a significant challenge for compact cars. However, he believes that Nio’s focus on product features, along with its services like Power Grid, will help establish its competitiveness in the European market.

Both the Firefly and Alps EVs will come equipped with Nio’s battery-swap technology, allowing users to replace the battery at designated stations in under five minutes. However, since these vehicles will be smaller than Nio’s premium models, they will require a separate network for battery-swapping facilities.

Li also hinted that the decreasing cost of batteries and advancements in cell technology will make it easier for Nio to manufacture compact cars more profitably. Furthermore, the use of battery-swap technology could help drive down pricing.

To keep production costs down, Nio plans to manufacture Firefly and Alps models at a factory in Anhui province, China. Although designed for the European market, both brands will be produced in China, which suggests that they will share powertrain, platform, and battery technology.

After the Firefly project takes shape, NIO will have at least three technology platforms.

Overall, the introduction of Firefly and Alps marks a significant shift in Nio’s product strategy as it aims to target the mass market with affordable EVs while leveraging the battery-swap technology that Nio is known for.

EV Evangelist, Passionate About Electric Vehicles/Mobility. Tune in on X : @HDEONEV