GUANGZHOU, China (Reuters) – Nio (NYSE:) unveiled a lower-cost model named Firefly on Saturday that it touted as a rival to Mercedes’ Good and BMW (ETR:)’s Mini within the Chinese language electrical car 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 vehicles in lavender, lemon and beige and stated the automotive provided a good 4.7 metre turning radius and autonomous parking know-how.
Prospects can place orders on the Firefly app, which stated the vehicles can be formally launched in April.
“We are building the Firefly car to be smarter than Mini and be more Mini than smart cars,” Li stated.
BMW’s pure electrical Mini additionally sells from 148,800 yuan in China whereas Mercedes’ Good #1 automotive is priced from 154,900 yuan.
Home manufacturers Firefly will compete towards embody BYD’s Seal and Xpeng (NYSE:)’s Mona.
Nio, certainly one of China’s largest EV gamers by gross sales, has been preventing rising value competitors in China by launching cheaper fashions this yr, having earlier in Might unveiled one other it known as “Onvo”.
Nio, which has restricted European gross sales numbering within the a whole bunch of autos per yr, had initially deliberate the Firefly model to spice up its share in Europe, its executives stated beforehand.
It will have taken on Renault (EPA:), Stellantis (NYSE:)’ Fiat (BIT:) and Peugeot (OTC:) and BMW’s Mini in a European small automotive phase with annual demand for 4 million vehicles.
However the European Fee in October imposed a further tariff of greater than 20% on Nio’s vehicles together with Firefly EVs exported from China to the area for the following 5 years. Analysts stated this may largely undermine the model’s value competitiveness.
Li didn’t element plans for the place Firefly can be bought throughout 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 below the Firefly model in 2026 for gross sales in abroad markets solely.
($1 = 7.2961 renminbi)
($1 = 7.2961 Chinese language yuan renminbi)
