GUANGZHOU, China (Reuters) – Nio unveiled a lower-cost model named Firefly on Saturday that it touted as a rival to Mercedes’ Sensible and BMW’s Mini within the Chinese language electrical automobile maker’s newest bid to broaden its buyer base and increase gross sales.
CEO William Li introduced the brand new model at an annual firm occasion in Guangzhou and stated pre-sales would begin instantly with costs beginning at 148,800 yuan ($20,394).
He displayed three Firefly automobiles in lavender, lemon and beige and stated the automotive supplied a decent 4.7 metre turning radius and autonomous parking expertise.
Clients can place orders on the Firefly app, which stated the automobiles can be formally launched in April.
“We’re constructing the Firefly automotive to be smarter than Mini and be extra Mini than sensible automobiles,” Li stated.
BMW’s pure electrical Mini additionally sells from 148,800 yuan in China whereas Mercedes’ Sensible #1 automotive is priced from 154,900 yuan.
Home manufacturers Firefly will compete in opposition to embody BYD’s Seal and Xpeng’s Mona.
Nio, one in every of China’s largest EV gamers by gross sales, has been preventing rising value competitors in China by launching cheaper fashions this 12 months, having earlier in Could unveiled one other it known as “Onvo”.
Nio, which has restricted European gross sales numbering within the a whole lot of autos per 12 months, had initially deliberate the Firefly model to spice up its share in Europe, its executives stated beforehand.
It could have taken on Renault, Stellantis’ Fiat and Peugeot and BMW’s Mini in a European small automotive phase with annual demand for 4 million automobiles.
However the European Fee in October imposed a further tariff of greater than 20% on Nio’s automobiles together with Firefly EVs exported from China to the area for the subsequent 5 years. Analysts stated it will largely undermine the model’s value competitiveness.
Li didn’t element plans for the place Firefly can be offered through the occasion.
Nio has targets to double its gross sales in 2025 and obtain break-even in 2026 however stated this month its gross sales development was two years delayed.
Reuters reported in November that Nio was planning to launch its first prolonged vary hybrid mannequin beneath the Firefly model in 2026 for gross sales in abroad markets solely.
($1 = 7.2961 Chinese language yuan renminbi)
($1 = 7.2961 Chinese language yuan renminbi)
(Reporting by Zhang Yan and Brenda Goh; enhancing by Hugh Lawson and Jason Neely)
