Shanghai (ZXZC)- NIO intends to launch another new brand following the existing NIO brand and the yet-to-be launched mass-market brand, which is reportedly code-named ALPS, according to a local media outlet, who said it was told by several people familiar with the matter.

The third brand would target low-/mid-end EV segments mainly priced between 100,000 yuan ($14,820) and 200,000 yuan ($29,640), the sources said. They revealed that this brand would operate as independently as that of NIO and ALPS brands, and has its self-owned director and R&D system. Its recruitment is underway to build a core team.

As of press time, NIO has not commented on the rumored plan.

Photo credit: NIO

At the earnings call held after NIO released its first-quarter 2022 financial results, William Bin Li, chairman and CEO of NIO, disclosed that the automaker intended to deliver products under a mass-market brand, namely ALPS, starting from the second half of 2024. Based on the agreement NIO signed on May 10 with the local authority of Hefei Economic & Technological Development Zone, it has started to prepare for building production capacity for its second brand.

NIO expects the mainstream products under the mass-market brand to be priced from 200,000 yuan ($29,640) to 300,000 yuan ($44,460). They will be also support the battery swapping technology.