NIO (NIO, Financials) unveiled its third electric vehicle brand, Firefly, aiming to penetrate the affordable compact EV market; shares of the Chinese electric vehicle company is up 1.1% in Thursday's early morning market trading.
With deliveries in China scheduled in the first half of 2025, the company intends to provide cars costing between 100,000 renminbi and 200,000 renminbi ($13,800 to $28,400).
Following European five-star safety criteria, the Firefly cars will have a dual-screen arrangement. The portfolio will also accommodate battery-swapping technology, which needs smaller, specialized stations for its operations.
Aiming to reinvent the worldwide small EV category, a statement from the business underlined that Firefly, using NIO's decade-long knowledge in the premium EV industry, is meant to exceed consumer expectations for design, safety, intelligence, and energy efficiency.
The Firefly brand represents NIO's approach to target lower-priced EV market segments continuing forward. While NIO's Onvo brand seeks premium pricing with SUVs and innovative technologies, Firefly concentrates on affordability and small designs.
At their business event on Dec. 21, NIO is supposed to present the Firefly model.
