Nio doesn't have widespread recognition like Tesla or even fellow Chinese EV manufacturer BYD, but it's already ready to introduce two new brands to help boost sales by offering EVs at a lower selling price than its own premium offerings.
One of the brands, confirmed as Onvo, will be aimed at families. The other, which still goes under its Firefly code name, will focus on compact EVs for urban environments, with prices expected to dip below $30,000.
Nio has established a website for Onvo in China where a message says to “stay tuned” for information on the brand's first model, a compact crossover to be called the L60. The debut is expected later this month.
Reuters, citing comments from Nicolas Vincelot, Nio's general manager for France, reported on Monday that the Onvo L60 will start sales by the end of the year, including outside of China. It will be followed by the first model from Firefly in 2025, according to the report.
According to Reuters, Xpeng, Volkswagen's partner in China, is also working on a more affordable brand to be called Mona. EVs from Mona will reportedly start below $21,000.
Nio offers a diverse range of SUVs, plus a sedan and related wagon. The vehicles are priced at the premium end of the EV segment, in line with vehicles from BMW and Mercedes-Benz.
Nio is also developing technology, including battery swapping, ultra-fast charging, and semi-solid- and solid-state batteries. In a demonstration last year, the company's ET7 sedan traveled almost 650 miles in near-freezing temperatures using a prototype semi-solid-state battery with a 150-kwh capacity.
Nio sells the bulk of its vehicles in China but recently expanded to a handful of European countries. A U.S. launch for Nio or any of its additional brands hasn't been announced.
