Nio has completed the two-dimensional sketches of the first model under one of its forthcoming entry-level brands,Punjabi Archives codenamed Firefly, and will start making scale models in clay as early as August, company insiders told Chinese media outlet AutoPix in a July 21 report. The news signals the progress made by the Chinese premium electric vehicle maker to enter the country’s lower-end car segments. The affordable car brand is set to cover a price range of between RMB 100,000 and RMB 200,000 ($13,993-$27,986), in addition to another mass-market brand priced between RMB 200,000 and RMB 300,000 and codenamed Alps. In January, Nio President Qin Lihong told reporters that the company is on track to deliver the first models under its Alps and Firefly marques in 2024, with the latter due to first be launched in Europe. [AutoPix, in Chinese]
