Phate Zhang

Deliveries of the first model of Nio's third brand, codenamed Firefly, will begin in the first half of 2025, Nio management said.

Nio guided for second-quarter deliveries of between 54,000 and 56,000 units, meaning June deliveries are expected to be between 17,836 and 19,836 units.

Firefly's first model will make its debut in China, possibly at the end of this year, before launching in Europe in the first half of next year, according to local media.

Xpeng appointed JuanMa Lopez as vice president of design center, saying he will drive the evolution and upgrade of the company's design style.

Mercedes-Benz's all-electric CLA model will be equipped with a high-level intelligent driving solution from Momenta that does not rely on high-definition maps, and will be capable of pilot assisted driving in urban areas, according to local media.

Nio is looking to its partners for cost-cutting advice, saying their expertise and industry experience will be important in meeting its cost-cutting goals.

BYD and Tesla both saw record highs in new orders in China in May, according to Deutsche Bank.

Nio's F3 plant is located in Hefei's NeoPark, and with the subsequent launch of new products, the production capacity of the existing 2 factories can no longer meet demand, Qin Lihong said.

The new plant will have a capacity of up to 600,000 units per year, which will raise its total capacity to 1 million units, according to Reuters.

Entry into the list lays the groundwork for the commercialization of high-level autonomous driving capabilities, Nio said.