Written by Cláudio Afonso | LinkedIn | X
China’s premium electric vehicle (EV) maker Nio delivered its first premium EV back in 2018, the first generation Nio ES8. Now, the brand is targeting cheaper segments with its two new sub-brands: Onvo and Firefly.
The launch event of Onvo, its first sub-brand, was held in May and the first model will be delivered in September.
The second sub-brand, named Firefly, aims at a more affordable and smaller segment of the market.
The first model, a compact, fully electric city car, was seen undergoing road tests in Berlin in late June. This week, the same model was seen under spy mode with a license plate from the Czech Republic driving in The Netherlands, as initially reported by AutoWeek.
In the last earnings call, Nio’s chief executive William Li announced that deliveries of the “affordable boutique compact car” are slated to begin in the first half of next year.
“For Firefly, as I’ve mentioned, in China, it will be an affordable boutique compact car,” Li said.
Never Miss an Update on Firefly
Marius Hayler, Nio’s former head of the German market,stated in May that the five different European markets will have the autonomy to choose their distribution models, unlike the main Nio brand, which sells directly to consumers.
The Firefly model has been spotted several times in road tests across China over the past months. According to official documents released in China, the factory designated for producing Firefly vehicles is expected to have an annual output capacity of 120,000 units.
Never Miss an Update on Firefly
At the earnings conference call, Li clarified the pricing strategy for the three brands under the Nio Group.
“Price-wise, it is also pretty clear. The starting prices of our brands will be around RMB100,000, RMB200,000, and RMB300,000, which is also clearly differentiated. However, these three brands do share a similarity: all three brands can support power swap,” he added.
Regarding the development progress of Firefly, the chief executive said the model will be priced around RMB 100,000 ($13,800) to RMB 200,000 ($27,600) in China.
“Our third brand, Firefly, is making good progress in R&D. Several months ago, I tested an early build of their first model, and it’s pretty good. The Firefly product for the Chinese market will be a compact vehicle, priced around RMB100,000 to RMB200,000. Despite its affordability, it will adhere to high standards for safety and quality, making it a well-designed boutique car.”
Li also discussed the sales strategy for Firefly, indicating that it will share sales channels with Nio.
“In terms of the sales channel, it will also share the point of sales with NIO, similar to how [indiscernible] shares its dealership sources with BMW. The selling price of Firefly will not be as high as many others, but product-wise, it is definitely a very good project,” he explained.
“We will start product delivery from the first half of next year. While the brand and product launch dates are yet to be finalized, the delivery timeline is already set for the first half of next year,” Li added earlier this month.
Written by Cláudio Afonso | LinkedIn | X
