Nio climbs as it begins deliveries of its low-cost Firefly EV in Europe

Chinese EV maker Nio announced Friday that it’s started delivering its Firefly EVs to customers in the Netherlands and Norway, sending shares climbing.

The news marks the official start of the Nio sub-brand’s launch in markets outside of China.

Firefly’s small electric hatchback starts at about $27,000 in Norway and just under $35,000 in the Netherlands. (Norway is not an EU member-state, thus avoiding the bloc’s 20% tariffs on Chinese EVs.)

Nio has plans to expand Firefly’s footprint in Europe to 12 more countries by the end of next year. The company’s Onvo brand last month launched a low-cost electric SUV in China to compete with the popular Tesla Model Y.

The news has clearly sparked some interest in bullish options on the stock: calls traded in Nio have already cruised past yesterday’s total as of 11:01 a.m. ET.

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