TMTPOST -- Chinese EV maker Nio will launch its compact Firefly electric vehicle in Europe in the third quarter of this year, President Qin Lihong said on Tuesday. The move comes as the company recalibrates its overseas strategy. Nio CEO William Li acknowledged that the company's European expansion has fallen short of expectations, citing underestimated challenges in building out its sales and service network across the region. His comments were made during a media briefing ahead of the Shanghai auto show.