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Chinese EV automaker NIO shared its Q4 2023 report today, followed by an analyst call that included some interesting updates about its plans for the year, expansion to new global markets, and the launch of not one but two EV sub-brands, including Alps.

NIO ($NIO) will be celebrating ten years of business this fall and, during that time, has trended upward as one of the leading EV automakers in China. In addition to developing luxury EVs like the ET7 and incoming ET9 (with the ability to shimmy), NIO has expanded to other adjacent technologies like chargers, battery swap stations, and even smartphones.

From a market perspective, NIO continues to expand out of its native China to markets in Europe and possibly the US in a year or two. After garnering billions in fresh funding in 2023, NIO sat poised to continue such expansions, including two new sub-brands, codenamed “Alps” and “Firefly.”

Earlier today, NIO shared its Q4 report, detailing the ups (and downs) of a challenging year, followed by a call with analysts that shared updates to its plans beyond China and the progress of launching the Alps brand, which has its sights set on Tesla from day one. Here’s the latest.

NIO-ET9-EV
Th new flagship NIO ET9 premium EV (Source: NIO)

NIO’s Alps brand to debut soon, first EV coming in Q3 2024

First, let’s start with the Q4 numbers. NIO reported RMB 17.1 billion ($2.38 billion) in revenue for Q4 2023, up 6.5% YOY but down 10.3% compared to Q3 2023. Gross profits for Q4 were RMB 1.28 billion ($177.8 million), up 105.7% year-over-year but down 16% compared to a quarter prior.

Losses were RMB 6.63 billion ($923 million), down 1.6% from Q4 2022 but up 36.8% compared to Q3 2023. Cash and cash equivalents, restricted cash, short-term investment, and long-term time deposits totaled RMB 57.3 billion ($8 billion) as of December 31, 2023.

The automaker delivered 160,038 EVs in 2023, up 30.7% compared to 2022.

Looking ahead, NIO looks to bounce back in monthly sales, which should be bolstered by the launch of its new sub-brand Alps. Shout out to CnEVPost for sharing live updates of the call with analysts following the Q4 financial report. Here are the key takeaways:

  • NIO will begin selling Alps EVs in 2024 and another lower-priced brand (Firefly) in 2025. The automaker is also considering selling these new models in other global markets.
  • NIO intends to sell both its own brand and Alps brand EVs later this year.
  • NIO EVs will remain focused on the premium segment and the ET5 will remain its most affordable model.
  • NIO brand will not join the ongoing price war in China, and Alps will prioritize deliveries over gross margins.
  • Alps has been specifically built to target the highly competitive Chinese market and will utilize NIO’s existing R&D and infrastructure rather than start with a clean slate.
  • The Alps brand EVs will vary to suit different size families and will be priced competitively.
  • Alps’ first model will be a direct competitor to the Tesla Model Y, and its Bill of Materials (BOM) costs approximately 10% less than Tesla’s.
  • The Model Y competitor will be followed with an Alps SUV for larger families, expected to debut in 2025.
  • A third Alps model is in development, but NIO is not sharing any more details at this time.
  • Alps will officially launch in Q2 2024, with the Model Y challenger to follow in Q3 ahead of mass deliveries in China in Q4.
  • NIO believes as of now, Alps can deliver previously outlined cost levels but will begin with relatively smaller delivery volumes compared to NIO EVs. It is targeting about 10,000 units built per month.
  • Alps will have its own sales network of at least 200 locations but will share aftermarket service and battery swaps with the NIO brand.

Lastly, NIO said its immediate focus is on the Chinese market but will continue to explore expansions to other international markets. For example, NIO intends to enter markets in the United Arab Emirates (UAE) this year.

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Former Tesla, Lucid execs form new EV brand Longbow, whose first two models are sharp and ultra-light

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Former Tesla, Lucid execs form new EV brand Longbow, whose first two models are sharp and ultra-light

A new niche EV brand, Longbow, has emerged into the public eye, hailing itself as ” the first-ever British electric sports car manufacturer. ” It has unveiled its first two featherweight models, inspired by British automotive icons and designed with real-road performance and the overall driver experience in mind. Despite debuting today, the limited hand-built production of these two featherweight EVs is expected to begin relatively quickly, and they start at a price that doesn’t just cater to the affluent.

You’re not alone if you haven’t heard of Longbow until today. The young brand was founded as recently as 2023 by Daniel Davey, Jenny Keisu, and Mark Tapscott – three industry veterans with a combined resume that cannot be ignored. Davey and Tapscott worked at Tesla during the development of the original Roadster, followed by senior positions at both Lucid Motors and BYD. Keisu brings experience and leadership from the electrified marine segment as she was formerly the CEO of X Shore – an electric boat developer no stranger to the Electrek homepage.

Although Longbow was only founded two years ago, its trio of founders say the EV brand is the realization of many more years of planning and preparation. They have since expanded their team to include an arsenal of engineers with backgrounds in road and motorsport, including former employees at Aston Martin, Formula E, Lotus, and Tesla.

The Longbow team has tasked itself with delivering world-class BEVs that are “spiritual successors” to the icons of British automotive, such as the Lotus Elise and Jaguar E-Type, reimagined for the modern world with bespoke EV platform technology and supreme dynamics. Their take on this legacy is a lineup of sleek vehicles designed, engineered, and built in the UK as Featherweight Electric Vehicles (FEVs).

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The young company hit a milestone today, unveiling its first two EV models – the Longbow Speedster and the Roadster; check them out.

  • Longbow EV
  • Longbow EV

Longbow’s first two EVs set to arrive in 2026 under $93k

Per a press release from Longbow, this is the first look at its first two featherweight EVs, which include a Speedster convertible and a Roadster. As FEVs, both models will weigh under 995 kg (2,193 lbs) and achieve the automaker’s motto, “Celeritas Levitas,” or “the speed of lightness.” Per the company:

Development of the Longbow Speedster and Roadster has pursued a singular philosophy: simplify, focus on beauty and engagement, then relentlessly add lightness, until all that remains is sheer automotive intoxication. Antithetical to conventional notions of what a battery electric vehicle (BEV) can be, Speedster and Roadster are striking, light, nimble, balanced, and engineered for an unparalleled driving experience.

The Speedster and Roadster sit atop an aluminum chassis designed for maximum stiffness while offering as little necessary weight as possible. The EV frame is complimented by lighter and more compact motors and batteries (something Lucid Motors is constantly celebrated for). These design elements combine to deliver what Longbow calls “the world’s first ‘proper’ all-electric sportscar for the modern enthusiast.”

The open-topped Speedster weighs 895 kg (1,973 lbs) and can accelerate from 0-100 km/h (0-62 mph) in 3.6 seconds. It has a WLTP range of 275 miles. Longbow shared that the closed cockpit Roadster EV will follow the Speedster, weighing 995 kg while achieving the same 0-100k m/h time. It has a WLTP range of 280 km (174 miles)

As mentioned above, both models will be hand-built in the UK and are expected to hit the market in 2026. The Speedster will start at a price of ₤84,995 ($92,600), including VAT, and only 150 examples will be built. That build schedule will include 10 Luminary First Edition and 25 Autograph Edition models.

The Roadster’s starting price is ₤64,995 ($70,850), including VAT. It will include 50 Luminary 1st Edition models or 100 Autograph Editions. Reservations for both Longbow EVs are available now.

What do we think? Will these FEVs actually get made? Or is this another startup with cool designs that will run out of money before it scales? I hope it’s the former!

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Tesla Takedown movement fights back against Musk/Trump after push to label them as ‘domestic terrorists’

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Tesla Takedown movement fights back against Musk/Trump after push to label them as 'domestic terrorists'

The Tesla Takedown movement is fighting back against claims made by Elon Musk and Donald Trump while protests are ramping up.

Earlier this week, Tesla CEO Elon Musk falsely accused the movement of Tesla protests to be financed by the Democratic Party’s ActBlue PAC, and President Trump tried to tie the protests with vandalism against Tesla vehicles and stores.

Trump went as far as claiming that “violence against Tesla dealership will be labeled as domestic terrorism.”

The Tesla Takedown movement has issued a statement in response to make it clear that they are against violence and destruction of property:

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We are a nonviolent grassroots protest movement. We oppose violence and destruction of property. Peaceful protest on public property is not domestic terrorism. They are trying to intimidate us. We will not let them succeed.

Their intention is to continue peaceful protests and they are in no way associated with the destruction of property – nor is there any evidence that they have been.

Tesla Takedown account on BlueSky added:

“We will not be bullied or allow our rights to be trampled on or stolen. If you’re ready to show Donald Trump and Elon Musk that there are no kings in America, join a Tesla Takedown protest in your community this weekend.”

Several more protests are now being organized for the next few days and into the weekends.

There are currently dozens of protests planned at Tesla stores and charging stations in the US, Canada, and Europe in the coming days.

Electrek’s Take

This is a slippery slope. I certainly condemn the destruction of the property of Tesla owners or vehicles and locations owned by Tesla.

It’s dangerous, and it doesn’t help the Tesla Takedown cause, but it seems to be a stretch to label that “domestic terrorism.”

As far as I can tell, the movement has never called for it. They have only called for peaceful protests, and they shouldn’t be associated with actions taken by extremists.

People have reasons to be mad at Musk and Trump, who are targeting social security, calling government officials “traitors” for supporting Ukraine, and alienating entire nations with senseless trade wars.

If they attack things they care about, is it unfair for them to attack things Elon cares about?

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Meet Toyota’s new EV: Is the C-HR+ the affordable electric SUV we’ve been waiting for?

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Meet Toyota's new EV: Is the C-HR+ the affordable electric SUV we've been waiting for?

It’s finally here. Toyota unveiled its newest EV, the C-HR+, a surprisingly stylish electric SUV. The smaller SUV will sit below the bZ4X and offer more range, a sleek new look, and faster charging. With an expected lower price tag, the Toyota C-HR+ could just be the affordable electric SUV we’ve been waiting for.

Toyota unveils the new C-HR+ as an EV

Remember Toyota’s compact C-HR? It’s back and better than ever. Toyota discontinued it in the US in 2022, replacing it with the more efficient Corolla Cross hybrid and first electric SUV, the bZ4X.

Toyota is reviving the name as it revamps its EV lineup. At its annual product strategy event last week, Toyota showcased an array of new EVs that are coming soon, including the new C-HR+.

The electric C-HR already looks like a massive upgrade over the discontinued gas model. Its clean, modern look is similar to Toyota’s other updated vehicles, such as the Corolla, Crown, and Prius. It will be available in both front and all-wheel drive configurations.

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With two battery options, 57.7 kWh and 77 kWh, the C-HR+ EV has a WLTP driving range of up to 372 miles (600 km).

Toyota-C-HR+-EV
Toyota C-HR+ electric SUV (Source: Toyota Europe)

Outside of its GR performance models, the AWD version will be Toyota’s most powerful vehicle in Europe. With up to 343 horsepower (252 kW), it can sprint from 0 to 100 km/h (0 to 62 mph) in 5.2 seconds.

The FWD model with the 57.7 kWh battery packs 167 horsepower (123 kW) while the larger 77 kWh battery delivers 224 horsepower (165 kW).

Inside, Toyota claims its new electric SUV is a “class above” with an extended wheelbase providing an open, welcoming feel. The C-HR+ features a standard 14″ infotainment with dedicated EV routing.

Toyota loaded it with its latest connectivity and safety tech, including Toyota Safety Sense active safety and driver assistance systems.

Safety features like a Blind Spot Monitor, Adaptive High-Beam headlights, and a Parking Support Brake are now standard. Higher trims gain Park Assist and a Panoramic View Monitor.

Toyota-C-HR+-EV
Toyota C-HR+ electric SUV interior (Source: Toyota Europe)

Although official specs will be revealed closer to launch, Toyota said the electric SUV can achieve DC fast charging speeds of up to 150 kW. The company finally added a battery preconditioning feature for better performance.

At 4,520 mm (178″) long, the C-HR+ EV version is slightly longer than the previous gas model. It’s also a bit shorter than the Toyota RAV4.

Toyota will launch the electric SUV later this year in select European markets, with a full rollout in Europe scheduled for 2026. For those in the US, we’ll have to wait for the official word, but if it does arrive, which would likely be in 2026, the C-HR+ would sit below the bZ4X.

With the 2025 bZ4X starting at $37,070, we could see Toyota’s smaller electric SUV start in the $30,000 range. At that, it could be a true competitor in the US.

How do you feel about Toyota’s new electric SUV? Would you buy one in the US for around $30,000 to $35,000?

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