Nio president said the Firefly brand will be launched on Nio Day 2024, continuing the pure electric technology route.
Nio (NYSE: NIO) co-founder and president Lihong Qin has denied that the company's third brand, codenamed Firefly, will be launching a hybrid model, after a report earlier today sparked much discussion.
The Firefly brand will be launched on Nio Day 2024 and will continue to follow the "chargeable, swappable, and upgradable" pure electric technology route, Qin told local media outlet Cailian.
Earlier today, Yicai, citing multiple independent sources, reported that the Firefly will use an extended-range hybrid powertrain, with the product expected to launch in 2026.
The report cited a job posting from Nio that says the company is looking for power NVH (Noise, Vibration, Harshness) engineers, requiring candidates to have development skills related to NVH of air intake and exhaust systems.
Hybrid models are currently growing at a significantly higher rate than battery electric vehicles (BEVs), and hybrid products are able to perform better profitably with lower costs compared to BEVs, Yicai's report noted.
As of now, Nio is pretty much the only Chinese automaker still sticking to the BEV camp, with the company hoping to rely on replenishment facilities including battery swap stations to ease range anxiety.
Nio's marketing describes its system as “chargeable, swappable, and upgradable,” emphasizing that its models can not only be recharged like traditional EVs, but can also get a full charge quickly through battery swaps and have the flexibility to upgrade their batteries.
Speaking with media including CnEVPost on Sept. 21, the day after the launch of the Onvo sub-brand's first model, the L60, Nio founder, chairman and CEO William Li jokingly said Nio would only consider launching a hybrid model if Tesla (NASDAQ: TSLA) does so.
Qin's response also clarified that Nio will officially unveil the Firefly brand next month.
Local automotive media outlet Xchuxing reported last month that he announced at Nio's partner conference on October 10 that the Firefly sub-brand would be unveiled at the Nio Day 2024 event on December 21 in Guangzhou.
Earlier today, Nio announced that Nio Day 2024 will be held on December 21 at Guangzhou's landmark Haixinsha.
Prior to that event, Nio will celebrate its 10th anniversary on November 25.
The company has set a common theme for Nio Day 2024 and its 10th anniversary: Together & Further.
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