Those who have been looking to buy a Model Y lately can wait a little while, as Alps' first model is certainly cheaper, said Nio's William Li.
(Image credit: CnEVPost)
The first model from Nio's (NYSE: NIO) sub-brand codenamed Alps will compete with the Model Y, and the electric vehicle (EV) maker's CEO is asking potential buyers of the Tesla (NASDAQ: TSLA) crossover to wait for the model.
Alps' first model will support battery swap, and it will charge faster and have a bigger screen, Nio founder, chairman, and CEO William Li said in a user communication in Ningbo, Zhejiang province, on March 2, according to a video shared by automotive blogger @吴颖碎碎念.
"Those who have been looking to buy a Model Y recently can wait for a while, (Alps' first model) will surely be cheaper than it," Li said, adding, "As for how much cheaper, we'll have to think about it."
"All those who are planning to buy a Model Y now can wait a little while for Nio's car to come out and take a look at it," he said.
Alps' first model's pilot car had rolled off the assembly line last October and is undergoing non-stop optimization, Li said, adding that the company will watch the dynamics of the fierce price competition before making further moves.
The Model Y is one of the models Tesla is producing in China, the other being the Model 3 sedan.
The Model Y is currently offered in three versions in China, with starting prices of RMB 258,900 ($36,000), RMB 299,900, and RMB 363,900, respectively. Its entry version is a single-motor model, while the other two are dual-motor models.
Alps' first model, codenamed DOM, is expected to hit the market in October this year, according to a report by local media outlet 36kr on February 5.
Alps' entire model range will be developed on Nio's third-generation technology platform NT 3.0, and the DOM model will feature a new generation of motors developed and produced in-house by Nio to optimize size and cost, the report said.
Li said at the event yesterday that the design of Alps' second model has been finalized and hinted that it would be a larger SUV.
For Alps' second model, the company is aiming to be cheaper than the big SUVs that are currently selling well, Li said.
The Nio main brand, on the other hand, will move up in pricing and positioning to distance itself from the Alps sub-brand, he said.
($1 = RMB 7.1968)
