GUANGZHOU: Chinese electric vehicle (EV) giant Nio unveiled its budget-friendly brand, Firefly, on Saturday, aiming to rival BMW’s Mini and Mercedes’ Smart. The announcement was made during Nio’s annual event in Guangzhou, with CEO William Li revealing that pre-sales for Firefly have commenced, starting at 148,800 yuan ($20,394).

Li showcased three Firefly models in lavender, lemon, and beige colors, highlighting their advanced features, including a tight 4.7-meter turning radius and autonomous parking capabilities. Customers can place orders via the Firefly app, with the official launch set for April.

“We are building the Firefly car to be smarter than Mini and be more Mini than smart cars,” Li said.

Firefly’s pricing matches BMW’s electric Mini in China while undercutting Mercedes’ Smart #1, priced from 154,900 yuan. Domestic competitors like BYD’s Seal and Xpeng’s Mona also target the segment.

Initially developed to strengthen Nio’s footprint in Europe, the Firefly brand has been affected by a European Commission tariff exceeding 20% on Chinese EV exports for the next five years, impacting its competitiveness. Nio executives had previously planned for Firefly to challenge Renault, Stellantis’ Fiat and Peugeot, and BMW’s Mini in Europe’s small car market, which sees annual demand for four million vehicles.

Despite setbacks, Nio remains committed to its goals of doubling sales by 2025 and reaching break-even by 2026. The company is also planning the Firefly brand’s first extended-range hybrid model, slated for a 2026 overseas market launch.

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