Nio Inc (NYSE: NIO) said on Friday it has secured a key European Whole Vehicle Type Approval (EWVTA) for the electric seven-seater sports utility vehicle ES8, paving the way to officially launch the model in Norway and the European market at large.
What Happened: Nio said ES8 is officially approved for mass production and license plate registration in all E.U. countries.
The Chinese electric vehicle maker will start delivering the ES8 SUV to Norway customers from September onwards and install a network of charging stations, stores, service centers and battery swap stations in the country.
Norway, the most EV-friendly country, is being seen as the gateway for Nio to expand into other countries in Europe. Nio said the EWVTA certification “marks an essential foundation for NIO’s entry into Norway and the European market at large.”
The company has not disclosed the pricing of the ES8 SUV, which will have a range of about 400 km to 500 km on the WLTP cycle and aimed at the premium segment.
Nio will follow up with the ET7 sedan, seen as a Model S rival, launch in 2022.
Why It Matters: Europe will be a testing ground not just for Nio but its other Chinese EV rivals who have set sight on the region where global automakers such as Volkswagen AG (OTC: VWAGY), Tesla Inc (NASDAQ: TSLA), and others have a formidable presence.
BYD Co Ltd (OTC: BYDDF), backed by Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffett, earlier this week despatched the first 100 all-electric BYD models to Norway, and aims to deliver 1500 more to Norwegian customers before the end of 2021.
Price Action: Nio shares closed marginally higher at $42.76 on Thursday.
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