Nio Sets Sights on Europe: Chinese electric vehicle (EV) manufacturer Nio is making a major push into Europe, planning to launch two new sub-brands specifically designed for that market, according to a Reuters report citing a Nio executive.
Dual Brand Approach: The strategy involves introducing two distinct brands. The first, named "Onvo," will debut its flagship L60 EV later this year. Onvo caters to the premium segment of the European market.
Firefly Takes Flight: The second sub-brand, codenamed "Firefly," will focus on smaller, more affordable EVs with a targeted price tag around $30,000. Firefly's official unveiling is expected next year.
Targeting European Needs: "Nio is actively launching new car brands that are less expensive but still entirely electric," stated Nicolas Vincelot, Nio's general manager for France, according to Reuters. Vincelot emphasized that the new brands are "more suited for the European market needs."
Confirmation Pending: While Nio has not yet confirmed these details, the report suggests a significant shift in strategy as they target the European EV landscape.