Electric car manufacturer Nio is said to be working on a third brand that will produce its most affordable EVs. While Nio itself has been busy delivering cars to customers in recent years, it has already confirmed work on a second mass-market brand currently known as ALPS. This brand is looking to deliver EVs throughout China priced between 150,000 and 300,000 RMB (~$22,000 – $44,000) from mid-2024. Now, a report out of 36 Kyrpton claims that another brand is being developed.

This third brand is currently known as Project Firefly and will produce even more affordable EVs. In fact, its products are expected to cost between 100,000 RMB and 200,000 RMB, or approximately $15,000 to $30,000. It is claimed that like ALPS, Project Firefly will operate independently from Nio and have its own research and development teams.

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Chinese Automaker Nio To Target $15,000 To $30,000 Market With New EV Sub Brand

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