GUANGZHOU, China — Nio unveiled a lower-cost brand named Firefly on Saturday that it touted as a rival to Mercedes’ Smart and BMW’s Mini in the Chinese electric vehicle (EV) maker’s latest bid to broaden its customer base and boost sales.
CEO William Li announced the new brand at an annual company event in Guangzhou and said pre-sales would start immediately, with prices starting at 148,800 yuan ($20,394).
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