Nio, a Chinese electric vehicle manufacturer, plans to introduce its more affordable Firefly brand in Europe by 2025, according to company president Lihong Qin. In a recent online press conference, Qin explained that both Firefly and Alps brands would cater to families, with Firefly focusing on smaller vehicle models. However, pricing details for these brands were not disclosed.
Chinese EV companies, including Nio, are increasingly expanding into the European market as they experience a slowdown in domestic demand and aim to leverage their cost advantage over Western competitors who have been slower to adopt EV technology. Despite this, the European Union is scrutinizing Chinese EV imports for potential competition rule violations.
Nio, known for competing with premium brands such as BMW and
Mercedes-Benz with prices starting at around 300,000 yuan ($42,000) in China, is struggling with growing losses amid fierce pricing competition initiated by
Tesla. To address this, Nio has reduced its workforce by 10%, contemplates spinning off divisions like battery production, and seeks cost-saving measures, including partnerships for battery swapping ventures.
In November, partnerships with Geely and Changan Automobile were announced, focusing on developing a new battery and chassis design that could serve as a model for future collaborations. Qin mentioned that Nio has entered a third partnership but has not yet divulged the specifics.