NIO will upgrade its existing 70 kWh battery pack with a new pack using lithium iron phosphate batteries, which is expected to do more than 75 kWh battery capacity and is scheduled for release in the fourth quarter of this year.

Industry insiders said that NIO has started developing a new model in Hefei, positioned below the existing SUV and sedan models.

According to the official information, the lowest price of the vehicle can be as low as 276,000 yuan if the NIO BaaS (Battery Subscription Service) program is used. If a lower-positioned model is combined with LiFePO4 batteries, NIO's price range is bound to expand further.