Nio’s small EV sub-brand Firefly has launched its Battery-as-a-Service (BaaS) purchase plan ahead of schedule, offering significant price reductions for its Firefly EV model as it faces mounting sales pressure.
Originally slated for an August 1 debut, the BaaS plan was rolled out early on Wednesday. Under the scheme, the Firefly EV’s starting price drops to RMB 79,800 ($11,120), down 33.39% from its original RMB 119,800 price, which included the battery. A higher-end variant sees a similar reduction, falling from RMB 125,800 to RMB 85,800, a 31.80% cut.
To offset the lower upfront cost, customers under the BaaS scheme will pay a monthly battery rental fee of RMB 399. Firefly is also offering a time-limited promotion: for vehicles purchased before June 30, customers who pay one BaaS bill will get the next month’s bill waived—an incentive valid for three years.
The company emphasized that BaaS alleviates concerns related to battery depreciation, a factor that often impacts EV resale value. “Battery degradation affects the value of vehicles in the second-hand market, but under the BaaS model, the battery packs do not belong to the owners, so they do not need to worry about economic losses caused by battery depreciation,” Firefly stated. It added that battery rental service providers cover warranty and insurance, eliminating additional customer costs.
Firefly, launched under Nio to address the growing small EV segment, unveiled its first model on April 19. The company initially promised the BaaS option would go live on August 1, diverging from the strategy used by Nio and its family-focused sub-brand Onvo, which launched vehicles with BaaS pricing immediately.
The move to accelerate the BaaS rollout may reflect lagging demand. Firefly delivered just 231 units in April. In May, the first full month of sales, deliveries reached 3,680 units. Weekly insurance registration data suggests a slowdown in June, with 500 and 440 units registered in the first two weeks, respectively.