In recent days, there have been continuous updates about NIO's second and third brands. Among them, the second brand with the codename "Alps" has finally officially announced its brand name - LeDao, meaning "joyful family, responsible management." During a live broadcast, Li Bin also revealed news about the third brand, Firefly (codenamed), suggesting that the Firefly brand can be likened to BMW's MINI.
During a livestream, Li Bin revealed that Firefly is akin to MINI in relation to NIO being comparable to BMW. Although Firefly mainly focuses on compact car models, they are crafted to meet the European five-star safety standards, and the new vehicles also support battery swapping. Li Bin further expressed that if he were alone, he would opt for the ET5, but once the Firefly model is released, he estimates he will switch to Firefly.
Livestream with Li Bin
Compared to Joyway, there's relatively less information available about the Firefly brand. Previously, Li Bin pointed out that NIO has been focusing on positioning itself as a high-end brand, especially in the major markets of China, the US, and Europe. However, with the continuous development of the electric vehicle market and the emergence of diversified demands, NIO believes it's necessary to launch a new brand. It's understood that the Firefly brand will mainly target the mid to low-end market, with an expected price range between 100,000 to 200,000 CNY, allowing NIO to attract a broader user base.
Qin Lihong, the co-founder and president of NIO, has also revealed that the Firefly brand plans to debut in the European market in the third quarter of 2024 (according to Li Bin's disclosure, the Firefly brand may enter the Chinese market later). The brand will specialize in customizing small electric vehicles for European users.
