'Still room for profit': Nio lowers prices of Firefly EV debut

Chinese electric vehicle maker Nio (9866) said its revised price of a compact car under the Firefly brand still allows a certain profit margin, according to founder William Li Bin.

The company unveiled the Firefly brand in December as a rival to Mercedes-Benz's Smart and BMW's Mini, with prices starting at 119,800 yuan (HK$127,422). Li said the brand is expected to eventually account for about 10 percent of the company’s total sales.

Firefly brand head Jin Ge, said the brand originally set a presale price of 148,800 yuan, using BMW’s Mini as a pricing reference after the German automaker slashed prices.

The latest price was a result of balancing product profitability with current market sentiment, user expectations and competitive pressures, Jin added.

STAFF REPORTER