12:43 PM EDT, 05/06/2024 (MT Newswires) -- Nio (NIO) plans to launch two models in the next few months that will target European markets, Reuters reported Monday, citing a Nio executive.

The Chinese EV maker has introduced a sub-brand "Onvo," with the first so-called L60 EV poised to be launched in Europe by the end of this year. The second, codenamed "Firefly" focuses on smaller EVs with an expected price of $30,000, Reuters said. Firefly will be unveiled next year.

"Nio is currently working on the launch of new car brands, that would be less premium, still obviously 100% electric, and more suited for the European market needs," Reuters reported, citing Nicolas Vincelot, Nio's general manager for France, during a France-China business forum in Paris.

Nio didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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