China's Nio introduces Firefly brand to take on BMW's Mini
© Reuters. FILE PHOTO: A staff member hands an umbrella to a man outside a store of Chinese electric vehicle (EV) maker Nio at the company's manufacturing base in Hefei, Anhui province, China June 28, 2024. REUTERS/Ellen Zhang/File Photo
Nio (NYSE:NIO) unveiled a lower-cost brand named Firefly on Saturday that it touted as a rival to Mercedes' Smart and BMW (ETR:BMWG)'s Mini in the Chinese electric vehicle maker's latest bid to broaden its customer base and boost sales , News.az reports citing Investing.
CEO William Li announced the new brand at an annual company event in Guangzhou and said pre-sales would start immediately with prices starting at 148,800 yuan ($20,394).
He displayed three Firefly cars in lavender, lemon and beige and said the car offered a tight 4.7 metre turning radius and autonomous parking technology.
Customers can place orders on the Firefly app, which said the cars would be officially launched in April.
"We are building the Firefly car to be smarter than Mini and be more Mini than smart cars," Li said.
BMW's pure electric Mini also sells from 148,800 yuan in China while Mercedes' Smart #1 car is priced from 154,900 yuan.
Domestic brands Firefly will compete against include BYD’s Seal and Xpeng (NYSE:XPEV)'s Mona.
Nio, one of China's largest EV players by sales, has been fighting rising price competition in China by launching cheaper models this year, having earlier in May unveiled another it called "Onvo".
Nio, which has limited European sales numbering in the hundreds of vehicles per year, had originally planned the Firefly brand to boost its share in Europe, its executives said previously.
It would have taken on Renault (EPA:RENA), Stellantis (NYSE:STLA)' Fiat (BIT:STLAM) and Peugeot (OTC:PUGOY) and BMW's Mini in a European small car segment with annual demand for 4 million cars.
CEO William Li announced the new brand at an annual company event in Guangzhou and said pre-sales would start immediately with prices starting at 148,800 yuan ($20,394).
He displayed three Firefly cars in lavender, lemon and beige and said the car offered a tight 4.7 metre turning radius and autonomous parking technology.
Customers can place orders on the Firefly app, which said the cars would be officially launched in April.
"We are building the Firefly car to be smarter than Mini and be more Mini than smart cars," Li said.
BMW's pure electric Mini also sells from 148,800 yuan in China while Mercedes' Smart #1 car is priced from 154,900 yuan.
Domestic brands Firefly will compete against include BYD’s Seal and Xpeng (NYSE:XPEV)'s Mona.
Nio, one of China's largest EV players by sales, has been fighting rising price competition in China by launching cheaper models this year, having earlier in May unveiled another it called "Onvo".
Nio, which has limited European sales numbering in the hundreds of vehicles per year, had originally planned the Firefly brand to boost its share in Europe, its executives said previously.
It would have taken on Renault (EPA:RENA), Stellantis (NYSE:STLA)' Fiat (BIT:STLAM) and Peugeot (OTC:PUGOY) and BMW's Mini in a European small car segment with annual demand for 4 million cars.
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