NIO shares details of its third brand, ‘Firefly,’ and its first EV, ahead of a full launch next month
NIO executives shared details of the Chinese automaker’s third EV brand, Firefly, as well as what the new marque will call its first model. The news comes about one month before Firefly officially launches in China during its parent company’s 10th annual NIO Day event.
Firefly is a new affordable boutique EV brand spun out by Chinese automaker NIO. We’ve been awaiting the marque’s official launch for years after NIO divulged plans for two new all-electric sub-brands in the works. The first was codenamed “Alps” and was scheduled to launch in mid-2024 in China and Europe.
Alps would officially become known as Onvo, which recently hit the market this year, beginning with its L60 SUV as a viable competitor to the Tesla Model Y.
In addition to “Alps” or Onvo news, there were rumblings about a third NIO EV sub-brand, codenamed “Himalaya” but also called “Firefly.” In December 2023, NIO’s president confirmed the even more affordable EV sub-brand would join Onvo in China in 2024, followed by entry into European markets in 2025.
Even with tariffs being imposed on Chinese-built EVs entering the EU, NIO conveyed confidence in its new Firefly marque as the automaker’s co-founder and president Qin Lihong shared that the new models will be priced between RMB 100,000 ($13,800) and RMB 200,000 ($27,500).
Up until now, we’ve only seen camouflaged images of what a Firefly BEV might look like as we await the anticipated launch, which we learned is coming on December 21, 2024, during the automaker’s tenth annual NIO Day event.
Today, however, we’ve learned the name of the first Firefly model and when NIO expects to begin delivering it to customers.
NIO’s first Firefly EV model will adopt the same name
Following the posting of NIO’s Q3 2024 financial results, the automaker’s executives completed an earnings call, which offered some new details about the Firefly EV brand. The company confirmed that NIO’s third EV brand will adopt the Firefly codename used internally in the past years.
Furthermore, NIO confirmed the first EV model under the new brand will be called the Firefly as well, describing the new marque as a symbol of NIO’s innovation and sophistication, but in a smaller package.
NIO also said its Firefly EVs will exceed customer expectations in design, safety, space, intelligence, and energy efficiency. Additionally, NIO executives shared plans for a new product cycle that will include deliveries under both its Onvo and Firefly brands, enabling faster global growth.
Per NIO, the Firefly EV from Firefly will begin deliveries in China in the first half of 2025, with future expansions to other markets to follow. We will get our first look at the new model and (hopefully) learn what it will cost during NIO’s tenth annual NIO Day event on December 21. The company is already teasing the event, which usually includes new product debuts and other exciting developments. Per the NIO Weibo page:
Today, the prelude to NIO’s 10th anniversary and NIO Day 2024 has officially begun. With the theme of ‘Together & Further,’ we will continue to share with you the ten-year story of NIO and its users. At this year’s NIO Day, NIO’s third brand ‘FIREFLY Firefly’ will also be officially released, and will continue to adopt the ‘rechargeable, replaceable and upgradeable’ pure electric technology route.
That last part could be read as reassurance that NIO’s new EV sub-brand will continue to focus on BEVs only, despite previous reports that the Chinese automaker is working on an extended-range hybrid. NIO has publicly denied those reports. All eyes will be on NIO Day 2024 next month. Check back in with Electrek for a full recap.
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Trump’s Interior Department halted construction on 704 megawatt (MW) Revolution Wind, the US’s first multi-state offshore wind project that’s already 80% complete. Grid operator ISO New England says the decision is a threat to the grid.
ISO New England released a statement responding to the stop-work order, warning that “delaying the project will increase risks to reliability.”:
As demand for electricity grows, New England must maintain and add to its energy infrastructure. Unpredictable risks and threats to resources – regardless of technology – that have made significant capital investments, secured necessary permits, and are close to completion will stifle future investments, increase costs to consumers, and undermine the power grid’s reliability and the region’s economy now and in the future.
Revolution Wind, a joint development between Ørsted and BlackRock’s Global Infrastructure Partners, is a 65-turbine project capable of powering around 350,000 homes in Rhode Island and Connecticut once it’s complete. It was expected to come online next year. The project has created more than 1,200 jobs.
On August 22, the director of Bureau of Ocean Energy Management sent a vague letter to Ørsted commanding it to halt all activities on the fully permitted Revolution Wind, citing “national security interests,” yet providing no details.
BOEM’s Record of Decision for Revolution Wind, reported in 2023 in Section 4.6, page 185, states that the national security effects of the project would be “negligible and avoidable.”
This latest move echoes Trump’s cancellation in April of New York’s $5 billion Empire Wind 1 project, which was already under construction off New York’s coast. No viable reasons were given for that stop-work order either, and the cancellation was reversed in May.
Kit Kennedy, managing director for power at Natural Resources Defense Council (NRDC), released the following statement in response to the Revolution Wind order:
The Trump administration’s war on the electricity needed to power the grid continues on all fronts. Halting Revolution Wind is a devastating attack on workers, on electricity customers, and on the investment climate in the US.
New England homeowners will feel this when they tear open their electricity bills and look at the surging costs of keeping the lights on.
This administration has it exactly backwards. It’s trying to prop up clunky, polluting coal plants while doing all it can to halt the fastest growing energy sources of the future – solar and wind power.
It makes no sense to say we have an energy emergency and then make decisions like this. Unfortunately, every American is paying the price for these misguided actions.
Read more: Trump reversal revives Empire Wind, NY’s offshore energy giant
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Tesla is teasing a new product release on Friday, August 29th, coming to Europe and the Middle East. It’s likely going to be the Model Y Performance.
On X today, Tesla has teased an upcoming product release coming this friday.
The post is cryptic. It only mentions ‘spoiler alert’ and the date August 29 with what looks like a close up of a vehicle with what appears to be a spoil – hence the “spoiler alert” reference:
There are main suspect is the Model Y Performance due to the spoiler reference.
Since the Model Y refresh in January, Tesla stopped selling the Model Y Performance. It is due to launch the top performance version under the new design.
When Tesla released the Model 3 refresh in 2024, it took about 4 months for Tesla to launch the new performance version.
Electrek’s Take
The only thing that I find strange with this likely being the Model Y Performance is the fact that they tweeted this from the Europe and Middle East account.
It would be strange for the Model Y Performance to launch there first, but who knows. Maybe Tesla started production at Gigafactory Berlin first.
I don’t think this will have a major impact on Tesla’s business. The Model Y Performance is the least popular version of the best-selling Model Y.
We don’t have the full mix of sales, but I wouldn’t be suprised if it represents less than 10% of Tesla’s Model Y deliveries.
The Model 3 Performance is probably a more popular option within the Model 3 lineup as it is a lot more fun to drive.
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![Genesis GV60 Magma EV sheds camo, revealing a radical new look [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/08/Genesis-GV60-Magma-EV-2.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
The GV60 Magma will have a distinct look and feel compared to other Genesis vehicles. As the first EV from its new performance sub-brand, the Genesis GV60 Magma will debut with enhanced power, advanced suspension, a sporty new design, and more. For the first time, it was caught on video racing around the Nürburgring, giving us our closest look yet.
Genesis GV60 Magma EV flexes new style at Nürburgring
We got our first look at the new Magma models last March at the NY Auto Show alongside the full-size Neolun concept.
Magma is “the brand’s expansion into the realm of high-performance vehicles,” Genesis boasted. Among the first vehicles to earn a Magma upgrade is the GV60.
Genesis fine-tuned the electric crossover SUV, giving it a wider and lower stance for improved control. The larger lower air intake contributes to the aggressive new look, while also serving to cool the batteries and motor, both of which have been upgraded for enhanced performance.
Earlier this year, we got a good look at the GV60 Magma during winter testing in Europe. Although you could see a few new design features, it was mostly covered in camo.
After it was recently spotted with less camo at the Nürburgring race track in Germany, we are getting an even better idea of what to expect when it arrives.
The video from CarSpyMedia shows the Genesis GV60 Magma EV with a production body and minimal camouflage.
You can see the high-performance vehicle flexing its power and handling as it rips around the track. Like other Hyundai Motor performance EVs, including the new IONIQ 6 N, you can expect the Genesis GV60 Magma to deliver over 600 horsepower, if not closer to 700.
The current Genesis GV60 Performance delivers up to 429 horsepower and 516 lb-ft of torque, good for a 0 to 60 mph sprint in 3.7 seconds.
| Horsepower | 0 to 60 mph (seconds) |
Starting Price | |
| Genesis GV60 Performance | 429 | 3.7 | $69,900 |
| Genesis GV60 Magma | ? | ? | ? |
| Porsche Taycan | 402 | 4.5 | $99,400 |
| Porsche Taycan Turbo GT (with Weissach Package) |
1,092 | 2.1 | $230,000 |
| Tesla Model S Plaid | 1,020 | 1.99 | $89,990 |
Genesis will launch the GV60 Magma EV later this year in Korea, followed by the US, Europe, and other global markets. We will learn prices and final specs closer to launch, but given the Performance models start at $69,900, you can expect a higher starting price tag, likely closer to $75,000.
At that it would be significantly less than the Porsche Taycan Turbo and Tesla Model S Plaid. Will it match the performance?
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