Nio targets Volkswagen ID 2 and Renault 5 with Firefly EV model
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Nio targets Volkswagen ID 2 and Renault 5 with Firefly EV model

Nio targets Volkswagen ID 2 and Renault 5 with Firefly EV model

Chinese electric car maker Nio will launch a brand new funds model codenamed Firefly into European markets in 2024, geared toward small automobiles the dimensions of the Volkswagen Polo.

Firefly – which will likely be launched alongside another new EV sub-brand known as Alps – was “designed and developed for Europe”, Lihong Qin, president and co-founder of Nio, advised journalists on a name on Friday.

“Firefly is going to give us smaller cars but with advanced technology,” Qin added.

Qin singled out Volkswagen, which is creating the ID 2 small electric hatchback on the market in 2025 for an entry goal value of €25,000. Other rivals will likely be China’s BYD, which has simply launched the Dolphin small EV, in addition to Renault, which subsequent yr will launch the brand new retro-styled 5 electric hatchback.

Nio is presently creating a brand new model of its battery swapping platform to have the ability to settle for smaller batteries that can work with its extra mass-market-focused manufacturers, in addition to newly-signed battery swap companions Geely and Changan, Qin mentioned.

The new platform would use an 800V structure that may facilitate sooner charging within the absence of a close-by swap station.

Nio presently sells automobiles in 5 European markets, together with Germany, with its premium-angled electrical automobiles such because the ET5 Tourer. However, it now needs to maneuver into the mainstream phase, each with Firefly and Alps. 

The firm’s model positioning would see Nio compete towards established premium marques equivalent to BMW, Mercedes and Audi, whereas Alps would sq. up towards Tesla with direct rivals for the Model Y and Model 3, Qin mentioned.

Alps can be scheduled to return to Europe.

Nio has strongly hinted that it needs to enter the UK market, however that now gained’t occur till 2025 on the earliest. 

“Right-hand-drive prototypes do exist, but we will first focus on understanding and establishing ourselves in [other] European markets.” CEO William Li advised Chinese media not too long ago.