Chinese electric vehicle (EV) maker Nio is looking to unveil a new model this month under its mass-market brand, along with another, smaller model targeting a sub-$30,000 price tag for one expected to be unveiled next year.
Nio officially launched its website for the Onvo mass-market brand, teasing the upcoming L60 as the company’s first model. According to a senior executive from Nio in a Monday statement to Reuters, Nio is looking to unveil the L60 under the mass-market brand sometime this month, along with a second, smaller EV, which it plans to sell in Europe next year under another sub-brand.
“Nio is currently working on the launch of new car brands, that would be less premium, still obviously 100 percent electric, and more suited for the European market needs,” said Nicolas Vincelot, Nio’s general manager for France, during a recent forum.
The Onvo web page says users should “stay tuned” for the launch of the L60, and Vincelot says that more details on the EV will be shared in the coming weeks.
Onvo is the first sub-brand Nio is aiming to launch, previously code-named “Alps.” The second is being developed under the code-name Firefly, set to develop smaller, sub-$30,000 EVs dedicated to city driving. Both Onvo and the Firefly brand are expected to target the European market, while the latter is expected to be unveiled next year, according to Vincelot.
In addition, vehicles from both of the company’s sub-brands will still be able to utilize Nio’s battery-swapping stations.
Last month, Nio entered into a partnership with CATL to jointly develop longer-lasting EV batteries, in hopes to double the lifespan of current products. Nio also gained a $2.2 billion investment in December from a United Arab Emirates firm called CYVN Holdings.
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