Nio Inc. (NYSE:NIO) has announced it will delay the launch of its Firefly EV in Europe to Q3, after it claimed to launch the product in the first half of 2025.
What Happened: The Chinese EV manufacturer cited constraints related to expanding its sales and services network within the region, which is proving to be more challenging than initially predicted, Reuters reported on Tuesday.
Company CEO William Li spoke to reporters at an event in Shanghai ahead of the Shanghai Auto Show, sharing that the company plans to announce deals with European partners at the event and plans to seek additional local partners to aid in Nio’s operations in Europe.
The report suggests the company is also developing a right-hand drive version of the Firefly with planned expansions into markets like SEA and the United Kingdom. The company also plans to begin operations in Singapore.
Why It Matters: News of the delay comes in as the company recently shared its Q1 2025 results, which missed market estimates by some distance. The company delivered close to 43,000 vehicles by March 31. Nio’s cumulative deliveries reached 713,625.
Elsewhere, Chinese battery giant CATL (Contemporary Amperex Technology Co., Limited) held talks with Nio to acquire a controlling stake in the company’s energy unit with a $343 million investment.
CATL also revealed the second generation of its Shenxing fast-charging battery, which can provide a 323-mile range on a 5-minute charge.
Price Action: NIO is currently trading on the NYSE at $3.60, according to Benzinga Pro data.
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