NIO Group CEO recently said “In Europe, there’s definitely a higher demand for smaller vehicles. For compact cars, the proportion of the battery cost will be bigger than [the cost in] another car. But this challenge is universal; it’s not only for NIO. Other compact models in Europe are facing a similar challenge.”
NIO Planning Small Budget EVs For European Expansion
NIO will launch a new affordable sub-brand, codenamed Firefly, with the aim of gaining a larger market share in Europe.
Nio to launch Europe-focused small electric cars from £23,500 | Autocar
New value brand, codenamed Firefly, will be launched in 2024 with EVs that support battery-swapping