Nio Announces Firefly Brand Launch in Europe by 2025, Confirms President Qin Lihong
Nio (NYSE: NIO) is set to introduce its cost-effective sub-brand, codenamed Firefly, to the European market in 2025, as reported by Reuters, citing Qin Lihong, co-founder, and president of the Chinese electric vehicle (EV) manufacturer.
Both Firefly and another sub-brand, codenamed Alps, are poised to enter the family car segment, with Firefly focusing on smaller models, as revealed by Qin during a wire press conference today.
In August 2021, Nio’s management officially announced plans to penetrate the lower-priced mass market with a sub-brand, unveiling the internal codename Alps in subsequent communications.
On January 26, Qin disclosed that, in addition to Alps, another Nio sub-brand, Firefly, was in the planning stages and would be introduced first to European consumers.
Qin stated at a face-to-face event with Nio vehicle owners on January 26 that the Firefly model is expected to make its European debut and go on sale in the third quarter of 2024.
In China, the Alps sub-brand is positioned for the market priced at RMB 200,000 ($28,130) – RMB 300,000, while the Firefly brand is targeted for the RMB 200,000 price range.
On February 21, local media outlet Cailian reported that Nio’s fourth vehicle assembly plant would be established in Chuzhou, Anhui province, to manufacture Firefly models. Currently, Nio’s vehicles are produced at its F1 and F2 plants in Hefei, Anhui province.
During discussions with domestic media yesterday, William Li, Nio’s founder, chairman, and CEO, revealed that Alps is focusing on the family market with only three models throughout its life cycle.
Li emphasized that Nio anticipates a prolonged learning phase in expanding into overseas markets, noting that these efforts may not yield significant sales in the short term.
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