Nio just unveiled its first electric vehicle under the Firefly brand. This new hatchback, the Firefly EV, aims to shake up the market with a price tag just over $20,000 in China. While a European launch is slated for the second half of 2025, expect a higher price due to tariffs and markup. Nio believes it can still compete with rivals like Smart and Mini.
The Firefly EV shares a similar design language with the Honda e. While larger and more rounded, its distinctive front and rear lights give it a unique look. Details on the technical specifications remain scarce, including whether it’s front-wheel or rear-wheel drive. However, Nio confirms battery swapping capabilities.
The Firefly EV boasts impressive storage. With the rear seats folded, it offers a maximum load volume of 44.1 cubic feet (1,250 liters). It also features a 3.24-cubic-foot (92-liter) frunk.
Nio plans a network of Firefly-specific battery swapping stations across Europe. These stations are reportedly one-third the cost of Nio’s existing stations for its main brand vehicles. Information on battery capacity and range remains undisclosed.
Unlike Nio’s direct-to-consumer sales model, Firefly will leverage existing dealer networks. These dealerships will likely sell Firefly vehicles alongside other brands. Nio may offer the Firefly EV without a battery, using a “battery as a service” (BaaS) model. Customers would then lease the battery and pay a subscription for access to the swapping station network. This reduces the upfront cost and simplifies maintenance, but adds a monthly fee.
Nio introduced BaaS in 2020. By August 2024, over 70% of Nio buyers opted for BaaS. However, European buyers generally prefer owning the battery outright.
The Firefly EV marks Nio’s entry into the budget EV segment. Its competitive pricing, battery swapping capabilities, and unique design could disrupt the market. More information on technical specifications and European pricing will be crucial for assessing its potential impact.
