NIO
Nio said Firefly, a rival to the Smart and Mini brands, will face delays because of sales and service network challenges in the region.
Chinese battery giant CATL is in talks to buy a controlling stake in electric vehicle maker Nio’s power unit, which runs more than 3,000 battery swapping stations in China.
While faster than charging, Nio’s battery-swap system requires significant ongoing investment and operational costs, raising concerns it could drain resources before providing a clear competitive edge.
Demand is poised to surge for steering and braking systems that ditch mechanical connections and fluids and rely on software instead.
China’s Nio hopes to steal a share of the premium market away from German automakers to widen its customer base and boost earnings.
The Chinese EV maker’s annual sales would need to reach 100,000 to make European output “a reasonable business decision,” CEO William Li said. Sales in 2024 were less than 2,000 through November.
Once regarded as one of China’s brightest EV stars, Nio has failed to generate a profit and has had several near-death experiences during its first decade of existence.
The 10-year-old automaker officially launched the flagship ET9 battery-electric sedan on Dec. 21, aiming to take on Porsche’s Panamera and Mercedes-Benz' luxury S Class family.
Onvo’s first model will be the L60 midsize coupe-style SUV, which will be a rival to the Tesla Model Y. Sales will start first in the U.K.
Nio's EV exports to Europe are subject to 31 percent tariffs under new EU rules, increasing pressure on the Chinese automaker's business in the region, where its sales have slumped.
