BRIEF: Nio goes down-market with launch of Firefly brand
Chinese electric car manufacturer Nio Inc. (NIO.US; 9868.HK) on Saturday disclosed its new Firefly brand targeting the lower end of the market will be priced starting at 148,800 yuan ($20,400) and has started taking pre-sale orders. Deliveries will begin in April 2025.
Nio CEO Li Bin said Firefly’s positioning is equivalent to BMW’s Mini brand, but added the new brand “smarter” than Mini. The company also plans to launch sales for the brand in Europe in the first half of 2025.
Faced with cutthroat competition in China’s new energy vehicle market, Nio has also begun to produce more economical electric vehicles catering to a different market segment beyond its current pricier models. Like most of its peers, the company is still losing lots of money each quarter and is racing to become profitable before its funds run out.
By Lau Chi Hang
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