Nio aims for its newly launched Firefly brand to contribute 10 percent of its total vehicle sales in the long term, but executives noted the target will take time to achieve.
“In the long run, we would like Firefly to reach about 10 percent of Nio Inc’s total sales, as Mini accounts for about 10 percent of BMW’s sales,” Nio founder and CEO William Li told local media during a group interview in Shanghai.
See also: Nio Officially Launches Firefly EV with RMB 119,800 Starting Price and April 29 Delivery Date
The comments came one day after Firefly officially launched its first model—also named Firefly—with a starting price of RMB 119,800 ($16,410), including the battery pack. Deliveries are scheduled to begin on April 29.
Firefly is the third brand under the Nio umbrella, joining the existing Nio and Onvo marques. The company said it is positioning Firefly as a high-end compact electric vehicle targeting urban consumers.
“Firefly is positioned as a high-end small car, and we hope it will account for 10 percent of the company’s total sales in the long run,” Li said. “This is Firefly’s first year, and reaching that goal will take a process.”
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While Nio has not disclosed specific production or sales targets for the Firefly brand, the cautious tone follows previous challenges with Onvo, whose president stepped down after the company failed to meet stated delivery goals.
Li said Firefly will focus initially on refining its base model before considering additional variants. “As for how to build derivatives based on this car, that will have to be considered later when it makes money,” he added.
Firefly president Daniel Jin said market response so far has been in line with expectations, though the company does not disclose pre-order volumes. “Orders were relatively good,” he said.
Jin also cited recent price shifts in the Chinese EV market as a key factor behind Firefly’s lower-than-expected pricing. The final launch price represents a 19.5 percent reduction from the brand’s original pre-sale offer at Nio Day 2024.
“The Chinese car market has gone through two relatively major price reshuffles in the past six months,” Jin said. “I hope the RMB 119,800 pricing will make this car a new profit growth point.”
See also: Spy Photo Reveals Interior of Nio’s Firefly Sub-Brand Model Ahead of April Launch
Nio delivered 221,970 vehicles in 2023 and has stated an aim to double its deliveries in 2025. The company plans to use Firefly, alongside its existing brands, to help reach that goal.