The new Chinese EV that can be fully charged in five minutes and costs £16,000

Despite currently not having a name, the first model from Firefly will cost £16,000 in China (Image: Nio)

A new Chinese car company has announced that it could soon be bringing an ultra-affordable electric family car to Europe that should cost £10,000 less than rivals.

Recently launched in Guangzhou, Firefly is a new sub-brand of the EV start-up Nio which is focused on producing entry-level family cars. Their first model, which is yet to be named, is a five-door hatchback with a starting price of 148,000RMB (roughly £16,000).

As a result, it would compete against models like the latest Mini Cooper Electric, MG4, and Volkswagen ID.3, but at a price more similar to much smaller models, such as the Dacia Spring and Leapmotor T03.

Speaking at a press conference launching the Firefly brand, William Li, CEO of Nio, joked that the new Chinese model should be seen as a serious competitor to recognised western models.

He explained: "Firefly is smarter than a Mini and more mini than a Smart!"

One of the most striking features on the Firefly is the three circle front and rear light clusters (Image: Nio)

Designed by Kris Tomasson, previously an industrial designer for BMW and Ford, the Firefly offers largely clean and minimalist styling.

This includes an entirely flat bonnet, a black dummy grille, and thick C-pillars, quite similar to those from a Honda E or Volkswagen ID.3, not to mention a range of vivid colours that contrast a black roof.

One of the more unique features on the affordable electric model are the three-piece circular headlamp clusters, including the indicators and daytime running lights.

The Firefly can use Nio battery swapping stations, giving it a full range in about five minutes (Image: Getty)

Whilst Nio have not revealed much information surrounding the first Firefly car, the new model will share the company's unique battery swapping system to help drastically cut the time required to get a full charge.

In addition to plugging the vehicle into a conventional charger, drivers will be able to drive the Firefly to a designated Nio station, where the battery will be removed by a robotic device and swapped with a fully-charged replacement.

The company currently has 2,651 battery swapping stations in China and already offers 58 in Norway and Germany, the first European countries to receive the brand.

The Firefly is also destined to be a particularly safe choice compared to rivals, featuring number of sensors can also be seen underneath either door mirror, which would most likely be used to facilitate driver assistance functions.

Each model will receive no fewer than nine airbags, which come out from the dashboard, steering wheels, at either side of each front seat, and above the rear doors.

Nio has not confirmed whether Firefly's first model will be launching in the UK, however the roll-out of the company in Europe means there is a strong possibility.