HK Stock Market Move | NIO-SW(09866) rose by over 4%. Its subsidiary firefly's first model is scheduled to begin delivery in the first half of next year.

NIO-SW (09866) rose more than 4%, rising 4.18% to HK$36.1 as of press time, with a turnover of HK$145 million. On the news side, recently, NIO-SW's new brand "Firefly" officially launched its official Weibo, public account, and mini-program. It is introduced that Firefly means "a smart and high-end electric small car brand originating from NIO", targeting the high-end small car market with a focus on intelligence, quality, and safety. It is expected to be officially released at NIO Day 2024 on Saturday (21st) and the first model will start delivery in the first half of next year. Firefly President Jin Ge said in an interview with 36Kr Autos that the release time in China and Europe will not be too far apart. It will be launched in China in the first half of next year, possibly a quarter later in Europe. It is reported that Firefly is the third car brand launched by NIO after NIO and Leda, targeting the high-end small car market, hoping to compete with BMW MINI and Mercedes-Benz Smart in the small car camp rather than focusing on cost-effectiveness. The price of the new car is in the 150,000 RMB level, and with NIO's BaaS (Battery as a Service) model, the price is expected to further decrease.