GUANGZHOU, China (Reuters) – Nio (NYSE:) on Saturday unveiled a lower-cost model known as Firefly, which it touts as a rival to Mercedes’ Good and BMW’s (ETR:) Mini as a part of the newest providing from the Chinese language electrical automobile producer. broaden its buyer base and increase its gross sales.
CEO William Li introduced the brand new model at an annual firm occasion in Guangzhou and stated presales would start instantly with costs beginning at 148,800 yuan ($20,394).
He displayed three Firefly vehicles in lavender, lemon and beige and stated the automobile supplied a decent turning radius of 4.7 meters and self-parking know-how.
Clients can place orders on the Firefly app, which says the vehicles can be formally launched in April.
“We’re constructing the Firefly automobile to be smarter than the Mini and to be extra Mini than sensible vehicles,” Li stated.
BMW’s purely electrical Mini additionally retails from 148,800 yuan in China, whereas Mercedes’ Good #1 automobile retails from 154,900 yuan.
Nationwide manufacturers that Firefly will compete in opposition to embrace Seal from BYD and Mona from Xpeng (NYSE:).
Nio, one in all China’s largest electrical automobile gamers by gross sales, is battling rising value competitors in China by launching cheaper fashions this yr, after unveiling one other known as “Onvo” earlier in Might. .
Nio, whose European gross sales quantity a number of hundred automobiles per yr, had initially deliberate for the Firefly model to extend its market share in Europe, its executives have beforehand stated.
It might have taken Renault (EPA:), Stellantis (NYSE:)’ Decree (BIT:) and Peugeot (OTC:) and BMW’s Mini in a European small automobile section with an annual demand of 4 million vehicles.
However the European Fee in October imposed an extra tariff of greater than 20% on Nio’s vehicles, together with Firefly electrical automobiles exported from China to the area, for the following 5 years. Analysts consider this can largely hurt the model’s value competitiveness.
Li didn’t element plans for the place Firefly can be bought throughout the occasion.
Nio goals to double its gross sales in 2025 and break even in 2026, however stated this month its gross sales development was two years not on time.
Reuters reported in November that Nio deliberate to launch its first extended-range hybrid mannequin below the Firefly model in 2026, meant to be bought solely in abroad markets.
($1 = 7.2961 renminbi)
($1 = 7.2961 Chinese language yuan renminbi)
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