NIO Announces Third Quarter Earnings, Plans for Multiple Vehicle Launches

and Expansion into European Market

By Li Bang, CEO of Northern Motor

Norther Motors (NIO) has released its third quarter earnings report, and CEO Li Bang announced plans to launch multiple new vehicles and expand the company's presence in the European market.

The NIO ET9 will be launched on December 21st at NIO Day 2024, with a pre-sale price of 800,000 CNY. The ET9 is the first product to debut on the new platform developed by Northern Motors, and its technology will be shared across other future models.

Northern Motors' Li Bang stated that next year, the company plans to launch two new SUVs: one six or seven-seat model comparable to the ideal L8, and another five-seat model comparable to the ideal L7. The CEO believes that NIO's products have strong market potential and expects to achieve a 100% sales growth by the end of the next product cycle. In addition, Northern Motors aims to make a profit for every quarter from 2026.

Lee Bin also announced plans to increase the contribution of Leephao Automobile to Europe in 2024, citing that the NIO brand is yet too expensive in Europe.

The third brand Leephao will be the firefly brand and its first car will debut on December 21st.