NIO is accelerating on the affordable electric car and, according to the latest rumours, is about to unveil a new model that will be sold in Europe for less than €30,000 (approx. £26,000) as early as 2024. The car in question should be unveiled by the end of this month. At least, that is what Reuters reports, which claims to have spoken to a senior executive of the Chinese group.

NIO's new car is expected to debut the company's new sub-brand, Onvo, which was created precisely to broaden the offering downwards. The Onvo brand has just been launched with a new website that, in addition to the words 'stay tuned', carries an interesting piece of information. According to what has been published, the new model should in fact be called L60.

A new rival to the Tesla Model Y

According to CEO William Li, NIO wants to challenge the Tesla Model Y with the new car, which is once again being used as a benchmark and comparison, as it is the world's best-selling electric car.

NIO's 150 kWh semi-solid state battery

So will the Onvo L60 (let's call it that for now) be an SUV? It is likely, considering the growing popularity of this type of vehicle in markets around the world.

There is also the Firefly sub-brand

Onvo is one of NIO's sub-brands that have been created with Europe in mind. Proof of this intention is also the programme's project name, which was internally christened 'Alps', referring to the Old Continent's main mountain range.

In addition to Onvo, NIO is laying the foundations for another brand, called Firefly, which will see the light of day in 2025. The first model with the Firefly badge on the bonnet is expected to be a saloon. All Onvo and Firefly cars will be compatible with NIO's battery swap stations and will be able to replace the battery in minutes.

More from NIO:

Nio ET9 flagship brings steer-by-wire, 600kW charging, lots of tech

Nio ET7 with 150-kWh semi solid-state battery drives 648 miles on a single charge

2023 Nio EL6 debuts in Europe with 328 miles of WLTP range

NIO ET5 Touring unveiled with up to 348-mile range, perfect weight distribution

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