BEIJING (Reuters) -China's Nio (NYSE:NIO) on Sunday said it would launch its new Firefly electric vehicle brand in Europe early in the first half of 2025, betting that it would help the company overcome European Union tariffs.
William Li, Nio's CEO, told reporters in Guangzhou that the company will work with local partners on the sale and service of the Firefly in European markets.
Nio unveiled the Firefly brand on Saturday and touted it as a rival product to Mercedes' Smart and BMW (ETR:BMWG)'s Mini.
The company originally conceived Firefly to boost its market share in Europe but the European Commission in October imposed tariffs on its and other Chinese-made EVs sold in Europe.
Li said the tariffs would "definitely have" an impact on Firefly. "If there wasn't tariffs, it definitely would have a better chance in the market."
"Even so, Firefly is very competitive because it is a product developed with real smart EV technologies, which Nio has been investing for a decade. We are confident in its product competitiveness."
Li also said Nio would accelerate building battery swapping stations in Europe with simpler designs that save time and costs for construction.
The battery swapping stations for Firefly cars will cost a third less than those for Nio-branded cars in Europe, Li said, adding they are also seeking local partners on infrastructure expansion in the region. Infrastructure is a key bottleneck for EV growth globally, which has been slowing this year.