BEIJING (Reuters) – China’s Nio said on Sunday it would launch its new Firefly electric vehicle brand in Europe early in the first half of 2025, banking on it helping the company overcome European Union tariffs .
Nio CEO William Li told reporters in Guangzhou that the company will work with local partners to sell and service the Firefly in European markets.
Nio unveiled the Firefly brand on Saturday, touting it as a rival product to Mercedes’ Smart and BMW’s Mini.
The company originally created Firefly to increase its market share in Europe, but the European Commission in October imposed tariffs on its and other Chinese-made electric vehicles sold in Europe.
Li said the tariffs would “definitely” have an impact on Firefly. “If there were no tariffs, it would certainly have a better chance in the market.”
“Yet Firefly is highly competitive because it is a product developed with true smart EV technologies, which Nio has been investing in for a decade. We are confident in the competitiveness of the product.”
Li also said Nio would accelerate the building of battery swapping stations in Europe with simpler designs that save time and costs in construction.
The battery swap stations for Firefly cars will cost a third less than those for Nio brand cars in Europe, Li said, adding that they are also seeking local partners to expand infrastructure in the region. Infrastructure is a major bottleneck for global electric vehicle growth, which is slowing this year.
(Reporting by Zoey Zhang, Sophie Yu, Brenda Goh; Editing by Lincoln Feast and Christian Schmollinger)
