Chinese EV maker Nio unveiled on Saturday its third brand, Firefly, alongside a premium electric model, the ET9, as part of a strategic push to more than double its 2025 sales from this year.

Firefly, positioned as a subcompact electric vehicle brand aimed at competing with models including BMW's MINI, will deliver its first model in April 2025.

The introduction of Firefly completes Nio's three-brand matrix, which includes the flagship Nio marque for premium cars, and Onvo, a new brand targeting the mass market.

Together, these brands are expected to help Nio achieve over 440,000 vehicle deliveries in 2025, doubling this year's sales.

CEO William Li sees significant global potential for Firefly, particularly in Europe, where the compact car segment accounts for more than 4 million annual sales.

He anticipates monthly sales for Firefly in the "low thousands" in China, contributing to the company's ambitious growth target.

At the same event, Nio showcased the ET9, a high-end smart electric sedan priced at 788,000 yuan ($107,963).

With over 1,081 patent filings, the ET9 aims to redefine luxury EV standards, with deliveries set to begin in March 2025. However, Li managed expectations for its sales, projecting around 1,000 units per month.

The company's other models, including those from Nio and Onvo, are expected to drive the bulk of Nio's growth.

December sales are forecast to exceed 30,000 units, with Onvo aiming for 20,000 units monthly in 2025, said the company.

"So doubling our sales in 2025 is a very reasonable target," Nio said, underscoring the pivotal role of its three-brand strategy in its future growth.