Recently a report was out that claimed that Nio is set to launch its third vehicle brand called Project Firefly. We already were aware of the company’s second brand Alps which is currently in a position to soon launch its first electric vehicle. Project Firefly also took flight at around the same time as Alps, but it has witnessed a rather slow-paced development. With the third brand, Nio wants to focus on offering budget-friendly electric cars that would start at as low a price as $15,000. The company seems to set a clear distinction where while Nio itself will dedicate to manufacturing high-end models, Project Firefly would aim to lighten up the lives of those with not-so-heavy pockets. The company however made it clear that with Project Firefly it is still not interested to enter the Mini EV market.
Project Firefly’s new model
The first model under the third brand of the company would likely be an entry-level 4-door electric sedan in the RMB 100,000 ($14,820), as was reported by the local media outlet Yicai. This is a good option given that sedans are one of the popular car types in China. Just last year we witnessed 2.99 million cars making it to the Chinese streets across the country
Nio’s third brand will have a separate R&D system and the company is currently busy recruiting an R&D team. Project Firefly promises to offer some good competition to Leapmotor, Neta, and some other local Chinese brands. The three brands of Nio can be seen as a stepped matrix on the lines of Toyota’s Lexus, Toyota, and Suzuki.