Shanghai-based Nio Group launched on Saturday its cheapest model ever with the management aiming the new Firefly brand to account for 10% of the Group’s total sales “in the long run.”
For the first time, Nio will begin deliveries of a model that only offers customers the option to acquire the car with the battery, as it first aims to establish the battery-swapping network. The option to rent the battery is planned to arrive in August.
Last month, Nio’s main battery supplier and long term partner CATL said it will supportm the EV maker in “developing the battery swapping network,” adding that its “Choco-Swap technical standards and network will be introduced to the subsequent newly developed models of Firefly.”
At a media Q&A held on Sunday, the Group’s founder and CEO William Li and Firefly brand chief Daniel Jin the company has adjusted its plans for the battery swap network over the last months.
Initially, the EV maker was planning to build dedicated stations for its third brand which would be much cheaper to produce and easier to install.
However, the management decided that the new brand would not be able to support the development of a brand new network and the plan is now that Nio’s fifth generation stations will support all three brands: Nio, Onvo, and Firefly. The first new generation stations are expected to be deployed in China early next year.
Deliveries in China of the Firefly EV will begin on April 29 but only the version with battery included — priced from 119,800 yuan ($16,400).
Pricing for Nio’s battery as a service (BaaS) program, which allows customers to rent the battery and access the battery swap stations, will be known in early August. Until then, Firefly is offering a 3,000 yuan ($410) charging voucher.
Designed in Europe, the new brand of the Group is planned to arrive in European and Middle East markets later this year. However, Firefly chief Daniel Jin said on Sunday that the global plan for the brand will be announced later this week, at the Shanghai Auto Show.
According to local media reports, Firefly will sign at the Auto Show cooperation agreements with nine companies.
Jin also noted in the media event that the brand will have different versions for the Chinese and European markets including handling, suspension stiffness, and steering feel — aiming to better respond to local customer preferences/ needs.
The new Firefly will be available in two variants — the Freedom Edition and the Glow Edition — with starting prices of 119,800 yuan ($16,400) and 125,800 yuan ($17,200), respectively.
The company said on Saturday’s event that buyers in China will receive a suite of limited-time launch benefits including a 10-year free usage of Nio’s autonomous driving pilot system, charging vouchers, and bonus loyalty points.
Customers who place a 5,000 yuan deposit before July 31 are eligible for the launch incentives, including trade-in perks and exclusive benefits for existing Nio and Onvo users.
Firefly vehicles will be shown at the existing Nio showrooms in China, a departure from the approach the company initially took with its second brand, Onvo. When the Onvo L60 debuted last year, the vehicle was showcased in dedicated standalone stores to distinguish itself from the premium Nio brand.
Firefly targets premium small EVs such as the BMW Mini and Smart models.
