Nio Launches Firefly Brand for Affordable EVs

Nio has launched its new Firefly brand, targeting the production of affordable small electric vehicles designed for export, particularly to Europe, where demand for such cars is high. The first model, Firefly, priced at CNY148,800 (USD20,395), will begin sales in China in April 2025, with expansion plans to enter 25 global markets. Nio aims to leverage its multi-brand strategy, utilizing shared resources with its existing brands, including Onvo, which is set to reach the UK in 2025. The Firefly is envisioned to compete with city cars like the Mini Cooper and has been designed with a minimalist interior and advanced safety features. Meanwhile, Nio is also working on its flagship ET9 sedan, priced at CNY788,000 (USD108,000), to challenge luxury competitors like Porsche and Mercedes-Benz. Despite these advancements, Nio still faces stiff competition from rivals like Li Auto, which has significantly outpaced its sales.