The company's Firefly and Alps brands will manufacture vehicles for families, with Firefly focusing on smaller models, according to a news report by Reuters, citing a press conference statement from the company's president, Lihong Qin.

Qin, however, did not give pricing details for the two brands, the report read.

Chinese EV makers are riding a wave of expansion into Europe, capitalizing on a cost advantage as demand at home slows and Western competitors adopt the new technology more slowly. 

However, the European Union is examining imports of Chinese EVs to determine if they contravene competition rules, the report adds.

To reduce expenses, the company has cut 10% of its workforce, is contemplating the separation of divisions like its battery production segment, and is establishing partnerships to finance initiatives like battery swapping.

Nio has since inked a third partnership deal, but it is too soon to disclose details, Qin added, which Reuters notes.

Price Action: NIO shares are trading higher by 1.17% to $7.95 on the last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo Via Company