Firefly reached 30,000 deliveries and expanded into 17 markets, debuting a rally-style concept in Guangzhou.
Nio, Inc’s U.S.-listed shares extended their losing streak to an eleventh straight session on Thursday, hitting a three-month low even as the company leaned heavily on its Firefly sub-brand to drive momentum at home and overseas. The stock slide reflects mounting skepticism over whether Firefly’s rapid expansion can offset broader concerns around demand, margins and Nio’s push toward fourth-quarter (Q4) profitability.
The stock closed 6.1% lower at $5.4 in the U.S. on Wednesday, while its Hong Kong–listed shares slid 5.7% to HK$42.56 in early Asian trade.
Firefly’s Aggressive Global Expansion Plans
Firefly, Nio’s budget EV brand launched late last year, reached 30,000 cumulative deliveries and unveiled a rally-inspired concept car at the Guangzhou Auto Show on Friday. CEO William Li announced the milestone less than seven months after deliveries began in China, according to a report by EV.
In October, Firefly had delivered 26,242 vehicles, mostly in China, with smaller volumes sent to Norway, the Netherlands and Belgium. The company said it is expanding its presence in 17 global markets, with Portugal, Greece, Luxembourg, Austria and Denmark receiving vehicles soon.
Firefly’s expansion also ramped up this week as right-hand-drive production began at Nio’s Hefei facility. The first batch will ship to Singapore, followed by Macau and Hong Kong later this year. Entry into the UK, Thailand and Australia is targeted for 2026.
The brand has been forced to prioritize countries with lower tariff barriers after the EU imposed extra duties on Chinese-made EVs last year, marking a move that slowed Firefly’s originally Europe-focused strategy.
Firefly also exhibited a rally-inspired concept at the Guangzhou Auto Show co-developed with design studio APW, featuring lowered suspension, carbon fiber aero pieces and all-terrain tires.
Chip Licensing Forms A New Revenue Stream
Beyond Firefly, Nio is reportedly taking its first commercial step toward monetizing its in-house autonomous driving chip platform. The company has apparently begun supplying its Shenji NX9031 smart-driving chip to another automotive chipmaker under a licensing arrangement.
Nio introduced the NX9031 in late 2023, shifting from its earlier reliance on Nvidia’s Orin lineup. A single NX9031 delivers computing power equivalent to four Orin X chips, and Nio now uses two in its flagship ET9 sedan, with newer models integrating one. Contract values vary depending on the licensing structure, with single IP licenses typically priced in the millions of yuan and system-on-a-chip agreements potentially reaching hundreds of millions of yuan.
Stocktwits Users Express Frustration
On Stocktwits, retail sentiment for Nio was ‘neutral’ amid ‘normal’ message volume.
One user flagged “support at $5.00 and $4.50 on weekly candle. should find new floor at $5.05 before earnings and hold for next leg up.”
Another user said they wouldn’t “catch a falling knife,” arguing Nio’s management hasn’t shown they’re addressing what the user believes is a share-price manipulation issue. They added they won’t buy more stock and plan to exit in early 2026 if they don’t see the company fighting back.
Nio’s U.S.-listed stock has declined 24% so far in 2025.
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