Nio's budget EV brand Firefly launches with $20,000 hatch

Nio has launched two new EV brands over the past year to drive sales by offering lower-priced EVs compared to premium models, though they may not be as widely recognized as Tesla or fellow Chinese EV maker BYD.

The second of these brands, the youth-oriented Firefly, was officially launched on December 21 during Nio Day 2024 in Guangzhou, China.

This follows the launch of the family-oriented Onvo brand in May, whose debut model is the L60, a compact crossover comparable to the Tesla Model Y.

Firefly's first model, the L60, was launched on December 21, 2012, in Guangzhou, China.

Firefly is a subcompact hatch, yet to be named, that will go on sale in China in spring 2025, with prices starting at 148,800 yuan (about $20,400). Sales in Europe are scheduled to begin in the second half of 2025. Given the U.S. tariffs on Chinese-made EVs, a launch in this market is unlikely, as are Nio's other EVs.

Despite being Nio's entry-level brand, the Firefly EV focuses not only on safety, but also on dynamics and technology; Nio is keeping most details under wraps until closer to market launch, but features such as a tight turning radius of 15.4 feet and automated parking technology are confirmed.

The automaker also said it expects the EV to achieve a five-star crash safety rating in China and Europe. The torsional rigidity of the vehicle's body is much higher than typically found in vehicles in this segment, and high-strength steel plates are used extensively. The front doors also feature double anti-collision beams for better side impact protection, Nio said.

Nio was founded in late 2014 and has delivered a total of 640,426 vehicles as of November 30, 2024.