NIO is gearing up for the test production of its initial electric vehicle model for the mainstream market, set to commence in July, with a planned launch as early as October. The Chinese premium EV manufacturer aims to enhance sales amidst escalating competition in its home market. The company has set an ambitious target to deliver “several tens of thousands” of the upcoming sedan this year and is eyeing a sales goal of 230,000 NIO-branded EVs, according to sources cited by 36Kr on Monday. Last June, Chief Executive William Li informed investors about NIO’s plan to unveil the first model under the new brand in the second half of 2024. This brand, codenamed Alps, is priced between RMB 200,000 and RMB 300,000 ($27,820-$41,730). Additionally, another small car brand, codenamed Firefly and priced even lower, is slated for a debut later this year. [36Kr, in Chinese]
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