Nio, the Chinese electric vehicle (EV) manufacturer, has unveiled its Firefly-branded small car, designed to compete with BMW’s Mini and Mercedes-Benz’s Smart. The announcement, made by CEO William Li at the Nio Day event in Guangzhou on Saturday, signals the company’s push into global markets with more affordable EV options.
The Firefly model, priced at 148,000 yuan (approximately US$20,284), will begin deliveries in April 2024. The compact car integrates advanced EV technologies, including Nio’s signature battery swap system, enabling users to replace depleted batteries in under three minutes. It also features self-parking capabilities, although specifics on its driving range and digital features remain undisclosed.
Li emphasized Nio’s commitment to creating sustainable mobility solutions, describing Firefly as a stylish and intelligent alternative to current market leaders like Mini and Smart. “We think it is our corporate responsibility to chase a sustainable and better future,” Li said, addressing 22,000 attendees at the event.
Firefly marks Nio’s third brand, joining its premium namesake and the mid-tier Onvo. The smaller car is aimed at budget-conscious consumers in China and abroad, with competition heating up in the domestic market. Rivals BYD and Xpeng offer models priced at 99,800 yuan and 119,800 yuan, respectively, challenging Firefly’s entry into the world’s largest EV market.
Globally, Firefly faces hurdles in Europe, where new EU tariffs of 20.7% on Chinese-made EVs were recently introduced. These duties, stemming from an anti-subsidy investigation, add to the standard 10% tariff, posing a challenge for Chinese automakers. However, Li expressed confidence in Firefly’s competitiveness, citing Nio’s decade of EV research and development.
In addition to the Firefly, Nio revealed its ET9 executive sedan at the event. Priced at 788,000 yuan, the luxury car features a groundbreaking fully active hydraulic suspension system and a high-density 120-kilowatt-hour battery pack. Deliveries for the ET9 are scheduled to begin in March 2024.
Nio’s Firefly and ET9 launches underscore the company’s dual strategy: appealing to cost-conscious buyers with innovative yet affordable vehicles while maintaining its premium presence in the luxury EV segment.
