Press "Enter" to skip to content

Germany Could Be Nio's Next Stop After Norway Foray, Reports Say

NIO Inc. (NYSE: NIO) confirmed last week it will hold a press conference May 6 to announce plans regarding its entry into Norway.

The EV maker’s international ambitions are about much more than making a landing in Norway, if reports are to be believed.

What Happened: Nio is planning to enter into Germany in the second half of 2021 and then move into U.K. and other countries in Europe, Chinese media outlet Autohome reported, citing Zhang Hui, VP of NIO Europe.

A German entry would mean the company is ready to give a tough fight to storied German automakers, including Bayerische Motoren Werke Aktiengesellschaft (OTC: BMWYY) and Volkswagen AG (OTC: VWAGY).

Nio, however, has not finalized the models it plans to sell in these markets, the report said, citing Hui.

The company is also reportedly contemplating whether to deploy its battery-as-a-subscription model and power swapping services in Europe. It has found big success with these two in the Chinese market. It is also fleshing out other key details such as distribution.

Related Link: Nio Working On Lower-Priced Model With Lithium Iron Phosphate Battery: Report

Why It’s Important: Nio has found success in China as a seller of premium electric vehicles, so it follows that the company is aiming to replicate this success in international markets.

The company says it has superior technology with respect to its product platform and autonomous driver assistance system. It also says it has been proactive in implementing several services to make its vehicles cost competitive.

Nio’s CEO William Li said on the company’s first-quarter earnings call that it is nicely positioned in the premium segment, and vis-à-vis legacy automakers, it has an edge with respect to technology.

Reacting to its quarterly results, Nio’s shares rallied 2.18% to $39.84 Friday.

Related Link: Investment Arm of World’s Second-Largest Reinsurer Swoops In On Nio, Tesla Stock In Q1

Photo courtesy Nio.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

This post was originally published on this site

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *