Nio Launches New Electric Vehicle Brand in Europe

BEIJING (Reuters) – China's Nio (NYSE:NIO) announced on Sunday the launch of its new Firefly electric vehicle brand in Europe, slated for early 2025. This move aims to help the company navigate European Union tariffs.

William Li, Nio's CEO, shared insights with reporters in Guangzhou, noting that Nio will collaborate with local partners for the marketing and servicing of Firefly vehicles in European markets.

The Firefly brand was revealed on Saturday, designed to compete with products like Mercedes' Smart and BMW's Mini.

Initially, Firefly was developed to enhance Nio’s market presence in Europe. However, the European Commission had imposed tariffs on Chinese-made EVs last October.

Li acknowledged that these tariffs would impact the Firefly brand but emphasized its competitiveness, stating, "If there weren't tariffs, it definitely would have a better chance in the market." He reassured that the Firefly benefits from a decade's investment in smart EV technologies.

Additionally, Nio plans to accelerate the construction of battery swapping stations in Europe, featuring simpler designs that reduce time and costs. Li indicated that the stations for Firefly vehicles would be one-third cheaper than those for Nio-branded cars, highlighting their search for local partnerships to improve infrastructure. He noted that infrastructure challenges are a significant barrier to global EV growth, which has been slowing this year.