Chinese electric vehicle (EV) manufacturer Nio has unveiled a new small car under its Firefly brand. Aiming to challenge BMWโs Mini and Mercedes-Benzโs Smart, the car is part of Nio’s strategy to expand its footprint in international markets.
Affordable innovation for global customers
At Nio Day in Guangzhou on December 16, William Li, the co-founder and CEO of Nio, introduced the Firefly small car. The model, priced at 148,000 yuan (US$20,284), promises affordability and innovation, catering to budget-conscious buyers. Deliveries are expected to begin in April.
Addressing 22,000 Nio owners at the event, Li shared the companyโs vision: โWe believe itโs our corporate responsibility to pursue a sustainable and better future. Nio is committed to building the best electric vehicles for global customers.โ
The Firefly model incorporates advanced EV technologies, including Nioโs signature battery swap system. This system allows users to replace a depleted battery with a fully charged one in under three minutes, enhancing convenience for drivers. Additionally, the car has self-parking capabilities, though details about its driving range and interior features were not disclosed.
Li highlighted that the Firefly cars are designed to be smarter and more stylish than competitors like Mini Cooper and Smart, offering a blend of intelligence and aesthetics that appeals to modern buyers.
Competing in a crowded market
The Firefly brand is Nioโs third, following its premium Nio brand and Onvo, which targets middle-income consumers in China. By offering a more affordable option, Nio aims to compete with rivals such as BYD and Xpeng, which have introduced budget-friendly EV models to drive broader adoption.
For instance, BYDโs Seal starts at 99,800 yuan, while Xpengโs Mona 03 is priced at 119,800 yuan. The Mini Cooper on the mainland begins at 209,800 yuan, and Smartโs entry-level model is priced at 154,900 yuan.
โNio, traditionally a premium EV brand, is now focusing on low-priced models to make EV ownership possible for millions of budget-conscious consumers in China and beyond,โ said Eric Han, a senior manager at Shanghai-based advisory firm Suolei. โTo succeed, it must secure a significant market share in China, where competition is intense, and buyers are highly selective.โ
In the European Union, Firefly faces additional challenges due to a 20.7% tariff on Chinese-made electric cars, introduced in October as part of anti-subsidy measures. This is on top of the standard 10% tariff for EVs imported from China. However, Li expressed confidence in Fireflyโs potential, stating, โWe believe Firefly remains competitive in Europe despite the new tariff. Our decade of research and development in EV technology will deliver results.โ
Luxury upgrade with the ET9
In addition to Firefly, Nio revealed its latest luxury sedan, the ET9, with a starting price of 788,000 yuan. Featuring the worldโs first fully active integrated hydraulic suspension system, the ET9 promises unmatched comfort, even on uneven roads.
The vehicle is powered by a 120-kilowatt-hour (kWh) battery pack, boasting an energy density of 292kWh per kilogramโsignificantly higher than the industry average of 200kWh per kilogram. Deliveries for the ET9 are scheduled to begin in March.
With the launch of Firefly and the ET9, Nio is set to strengthen its position in both the budget and luxury segments, aiming to meet diverse customer needs in China and overseas.
