NIO Capital Leads Investment in Mavel for Next-Gen Platform Components

On August 10th, according to an announcement on the “NIO Capital” website, NIO Capital recently led the Series A financing for electric drive solution provider “Mavel”.

According to the introduction, Mavel was established in Italy in 1999 by a team of European scientists. The company name “Mavel” is derived from the Italian words “Macchina” (machine) and “Veloci” (fast), meaning “fast machine”. At the same time, the core team of the company comes from car manufacturers such as Jaguar Land Rover, Mercedes-Benz, BMW, SAIC Motor, and BAIC Motor. They have provided electric drive solutions for many globally renowned automakers.

The announcement also stated that Mavel will obtain the designated project development of core components for NIO‘s next-generation platform. Weibo bloggers analyzed this and said that it means NIO‘s entry-level brand, Firefly, targeting the European market, is expected to use motors provided by Mavel.

As a key component of new energy vehicles, the electric drive system consists of a drive motor, motor controller, and transmission system. It is equivalent to the “heart” of new energy vehicles, and its performance determines the overall power, efficiency, comfort, and safety of the vehicle.

SEE ALSO: Chassis Solution Provider BIBO Secures $29M Financing, NIO Capital Participates in

According to IT Home’s report in April this year, Qin Lihong, the CEO of NIO, stated in an interview with the media that “Alps” and “Firefly” are internal project codenames for NIO and not brand names. “Alps” is mainly targeted at the mid-range market and directly competes with brands such as Tesla, Toyota, and Volkswagen. “Firefly” is a smaller-sized model. Both of these brands are currently being actively prepared and will be unveiled before the end of next year.