On Saturday, Nio launched its new budget-friendly brand, Firefly, intended to rival Mercedes’ Smart and BMW’s Mini. CEO William Li revealed the brand at the company’s annual event in Guangzhou, stating that pre-sales commence immediately, with prices starting at 148,800 yuan ($20,394).
Li showcased three Firefly models in lavender, lemon, and beige, highlighting their compact design with a 4.7-meter turning radius and autonomous parking technology. Customers can place orders through the Firefly app, with an official launch scheduled for April.
“We aim to make Firefly smarter than Mini and more ‘Mini’ than smart cars,” Li commented.
Firefly’s pricing matches that of BMW’s electric Mini and undercuts Mercedes’ Smart #1, which starts at 154,900 yuan. The new brand will also face competition from domestic models like BYD’s Seal and Xpeng’s Mona.
As one of China’s leading EV makers, Nio introduced more affordable models this year to combat intense domestic price competition. The company, which sees modest sales in Europe, had planned to use the Firefly brand to increase its market share there. However, a recent decision by the European Commission to impose a 20% tariff on Chinese EV imports, including Firefly, may significantly impact its competitiveness in the region.
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Li did not specify where Firefly would be sold outside the Chinese market.
Nio aims to double its sales by 2025 and reach a break-even point by 2026, although it admits that sales growth is lagging by two years. According to Reuters, Nio plans to introduce its first extended-range hybrid model under the Firefly brand in 2026, targeting exclusively overseas markets.
