Asia Tech Wire (June 6) -- Chinese electric car maker Nio has changed the debut location of its third brand Firefly from Europe to China, according to the latest market news.

Chinese media reported on Thursday that Nio's third brand Firefly, which it originally planned to debut in Europe, has changed its launch strategy.

Multiple sources have revealed that Firefly plans to debut its first car in China, which may show up in the country by the end of this year, before launching it in the European market in the first half of next year.

An app for the new brand is due to go live this December.

The head of the Firefly division, to which the new brand belongs, is Ge Jin, who is Nio's assistant vice president and reports to CEO William Li.

Firefly is the internal codename for Nio's third brand, which first came to light in August 2022 to the public.

Last January, at a face-to-face event, Nio president Lihong Qin confirmed the existence of the third brand, and said "the new brand is in the midst of intensive preparations."

The brand, which focuses on the small car as well as minivan market with a price range of 100,000-200,000 yuan, would hopefully debut in the third quarter of 2024 in the European market, Qin said.