Nio, a Chinese electric vehicle maker, is introducing a new mass-market brand 'Onvo' targeting the European market by the end of May.

Onvo's first model, the L60, is positioned to compete with Tesla's Model Y.

Nio is also developing 'Firefly,' a sub-brand for smaller, city-focused EVs under $30,000.

Both Onvo and Firefly will utilize Nio's fast battery swapping stations.

The company is transitioning from a subscription model to a mixed model of online and showroom sales and leases.

Nio has commenced sales in various European nations and is strategizing to reduce costs amid slowing EV sales and rising competition in China.

Plans for spinning off its battery manufacturing unit are underway for Nio.

Nio's European expansion is concurrent with an EU investigation into Chinese EV imports, which is a topic of discussion in diplomatic talks during Chinese President Xi Jinping's visit to France.