“Nio to Launch Budget Electric Cars for Europe and Norway: Details on New Brands, Price Points, and Battery Rental”

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(Elbil24): Rumors have circulated recently: Is it true that the electric car manufacturer Nio is working on making significantly cheaper models – earmarked for Europe?

The answer is yes. Nio founder William Li confirms to German Der Spiegel that they are working on launching two new car brands alongside Nio. The plan is for the one new car brand to supply Europe – and then most probably also Norway – with budget models.

– In Europe, there is a great demand for small and compact electric cars. We will launch two new car brands, one of which will be specifically aimed at the European market with cars priced below 30,000 euros, says Li to The mirror.

Will punish Volkswagen

30,000 euros corresponds to approximately NOK 355,000. So it is of course too early to say whether new cars from Nio will end up lower or higher in price in Norway. This has to do with exchange rates and taxes.

What is certain, however, is that Nio has ambitions to supply itself roughly from the market. When asked by Der Spiegel whether they envisage competing with the volume supplier Volkswagen, the answer is as follows:

– Yes, as far as the price is concerned, so we attack Volkswagen more than before. But above all, we also offer a completely different product to the established manufacturers in this segment, says Li.

He points out that Nio offers battery replacement as an alternative to charging. Here’s how it works in practice:

Battery rental

Nio has established itself with four models in Norway today. We have tested them all and you can read more about how it went by clicking on the desired model here:

The cheapest Nio model in Norway is the Nio ET5. It starts at NOK 426,000, but then you have not paid for the battery. You can choose between paying NOK 90,000 for a 75 kWh battery or NOK 160,000 for a 100 kWh battery. The alternative is what makes Nio exciting for many:

You can skip buying the battery and instead rent it for a monthly price of NOK 1,399 (for the smallest battery) or NOK 1,999 (for the largest battery).

New name

If we interpret Nio boss Li correctly, they envision the same solution for their new, cheaper models.

When these will most likely come to Norway, however, there are many indications that they will not be sold with Nio as the name. As Li has mentioned, they will produce new car brands.

The budget car project is now referred to as “Firefly”. When asked by Der Spiegel if this will be the final name, Li replies:

– This is a code name for the project. The final name has not yet been decided.