GUANGZHOU, China (Reuters) – Nio on Saturday unveiled a lower-cost model known as Firefly, billed as a rival to Mercedes’ Sensible and BMW’s Mini within the Chinese language electrical car maker’s newest try and increase its clients and improve 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 provided a good turning radius of 4.7 meters and self-parking expertise.
Prospects 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’ Sensible #1 automobile retails from 154,900 yuan.
Home manufacturers that Firefly will compete towards embody BYD’s Seal and Xpeng’s Mona.
Nio, one among China’s greatest electrical car gamers by gross sales, is battling rising worth competitors in China by launching cheaper fashions this 12 months, after unveiling one other known as “Onvo” earlier in Could. .
Nio, whose European gross sales quantity a number of hundred autos per 12 months, had initially deliberate for the Firefly model to extend its market share in Europe, its executives have beforehand stated.
It could have competed towards Stellantis’ Renault, Fiat and Peugeot 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 a further tariff of greater than 20% on Nio’s vehicles, together with Firefly electrical autos exported from China to the area, for the following 5 years. Analysts consider this can largely hurt the model’s worth competitiveness.
Li didn’t element plans for the place Firefly can be bought in the course of 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 underneath the Firefly model in 2026, supposed to be bought solely in abroad markets.
($1 = 7.2961 Chinese language yuan renminbi)
($1 = 7.2961 Chinese language yuan renminbi)
(Reporting by Zhang Yan and Brenda Goh; modifying by Hugh Lawson and Jason Neely)
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