The competition in the electric vehicle market continues to grow. Each day, more companies are turning to this field, trying to get their share of the ever-growing market. For this reason, many companies are implementing different strategies to get ahead of their competitors and reach more users. One of these companies is Nio. According to the latest information, the company is gearing up to produce affordable electric vehicles. Here are the details…
Affordable Nio Electric Vehicle Models to Launch in August
Although most of us think of Tesla when we talk about electric vehicles, the market leader is currently the Chinese manufacturer BYD. The main reason for this is the company’s pricing and sub-brand strategy. The Chinese car giant, aiming to appeal to a wide user base, creates brands instead of models suitable for different segments. In this way, they manage to produce both affordable and expensive vehicles at the same time without damaging the brand perception. Now, a similar strategy is being implemented by Nio with affordable electric vehicle brand, codenamed Firefly.
The company has completed the two-dimensional sketches of the first model, and will start making scale models in clay as early as August. The Firefly brand’s prices will range from $13,999 to $27,999. This is cheaper than Nio’s current cars, which start at about $50,000. Nio’s President, Qin Lihong, stated in January that the company plans to start delivering the first Alps and Firefly vehicles in 2024. They plan to introduce the Firefly brand in Europe first, then in China.
At first glance, this may seem like a quite interesting strategy. However, it’s a fact that there is a gap in the European and American markets for affordable electric vehicles. Companies like BYD, which generally produce relatively cheap models, are usually active in the Asian market. For now, the West is under the control of traditional manufacturers such as Tesla and Volkswagen. Therefore, selling affordable EV models in these regions could have serious advantages for Nio.
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