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Qin Lihong, president of NIO, revealed that they plan to launch the low-end brand “Firefly” in Europe in 2024, a year earlier than originally planned. Another low-end brand, Alps, could be launched after 2025.
NIO is committed to expanding in Europe using its cost advantage but faces an EU investigation into competition rules for importing electric vehicles from China.
NIO currently competes with high-end manufacturers in China, and due to Tesla’s price war, the company’s profitability has suffered, and it plans to cut costs and launch more product lines.
(Source: enanyang Image source: freepik)
