NIO is readying new range of affordable EVs

Chinese electric car-maker NIO is readying a new family of EVs that will all start from less than €30,000 ($A50,000) in Europe – and they could all end up on sale in Australia.

The plan to rapidly expand into more affordable EVs was revealed by NIO boss William Li, in an interview with Germany’s Der Spiegel.

The new cars are tipped to be sold under NIO’s new Alps sub-brand, but might also come under the Project Firefly banner.

Sources suggest pricing could start from just 150,000 yuan ($A32,000), while others have indicated that Project Firefly is aiming for a price point below 100,000 yuan ($A21,000).

Currently, NIO is positioned as a premium brand in Europe with its line-up priced from €50,000 ($A83,000) to €91,000 ($A150,000).

During the interview, Li said he had the Volkswagen Group in his sights with the new range of EVs.

“Yes, in terms of price that means we are also attacking Volkswagen more strongly than before,” he said.

According to reports, Project Firefly will act independently of NIO and even have its own R&D division, plus a dedicated all-new factory in Chuzhou, in China’s Anhui province.

Li said NIO and other Chinese car-maker had a 20 per cent cost advantage over rivals like Tesla because they have control over the EV supply chain that includes the raw materials.

NIO is just one of several Chinese brands looking to establish themselves in Australia, where MG and GWM have already achieved considerable success.

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