Nio is planning to establish a new electric car brand specifically to enter the low-end segment and challenge traditional automakers such as Toyota and Volkswagen, Chinese media outlet 36Kr reported on Monday. The electric vehicle maker is mulling a price range of between RMB 100,000 and RMB 200,000 ($14,768 to $29,536) for the low-cost, volume-oriented brand and will operate it separately from the existing Nio brand. Meanwhile, the company is on track to launch another mainstream brand, codenamed Alps, and target a price range between RMB 200,000 and RMB 300,000, chief executive William Li told investors during an earnings call on June 9. [36Kr, in Chinese]