NIO to Launch Affordable Firefly Sub-Brand in Europe in 2025

Facing competition-induced losses, the Chinese automaker also plans to introduce the Alps sub-brand and is forming partnerships to fund battery-swapping ventures.

• NIO's affordable Firefly sub-brand, designed with families in mind, will launch in Europe in 2025.
• The Firefly EVs are expected to be smaller and more affordable, targeting the price range of $14,000-$28,000.
• NIO's second sub-brand, Alps, is also expected to launch in Europe, with a targeted price range of $28,000-$42,000.
• NIO is facing growing losses due to a price war initiated by Tesla, leading to a 10% workforce reduction and consideration of division separations.
• NIO has formed partnerships to help fund ventures such as battery swapping and has signed a third partnership agreement, details of which are yet to be disclosed.

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Electrek Benzinga CNA