NIO's Firefly Brand Plans, Developments, and Financial Report

TapTechNews June 6th news, Li Bin, the founder and chairman of NIO, said at NIO's first-quarter financial report conference call today that the first product of Firefly plans to be officially delivered early in the first half of next year, but the release time has not been determined yet.

Li Bin disclosed that the research and development of NIO's third brand, Firefly, is progressing smoothly. The brand is positioned as a boutique compact car in the price range of $15,000, and currently, the direction is to share the same sales network as NIO.

According to TapTechNews' earlier report today, some media disclosed that the first new car of Firefly plans to debut in China first, or will be unveiled in China by the end of this year, and then be launched in the European market in the first half of next year. The sub-brand App is expected to go online in December this year. The original plan of this car was to debut in the European market in the third quarter of 2024.

At present, the appearance, configuration, and brand name of this new car are still unknown. Just like the previous Alps (listed as Ledo), Firefly is also just an internal code name for the new car.

NIO released its first-quarter 2024 financial report today. The company's first-quarter revenue was $9.91 billion, a year-on-year decrease of 7.2% and a quarter-on-quarter decrease of 42.1%. The net loss was $5.1846 billion, a year-on-year increase in loss of 9.4%, and a quarter-on-quarter decrease in loss of 3.4%.

In the first quarter of 2024, NIO delivered 30,053 vehicles, a year-on-year decrease of 3.2% and a quarter-on-quarter decrease of 39.9%. In the second quarter of 2024, NIO's delivery guidance is 54,000 to 56,000 vehicles, a year-on-year increase of 129.6% to 138.1%. As of May 31, 2024, NIO's cumulative vehicle delivery volume reached 515,811 units.