Nio’s budget EV brand Firefly launches with $20,000 hatch

Nio may not have the widespread recognition of Tesla or fellow Chinese EV maker BYD, but it has launched two new EV brands within the past year to drive sales by offering lower-priced EVs compared to its premium models. The second of these brands, the youth-oriented Firefly, was formally launched on Dec. 21 during the Nio Day 2024 gathering held…