Nio may have listed itself outside China (NYSE: NIO) last year, but it’s still a China-only automaker. The company has global ambitions, though, and plans to enter its first overseas market this year, as per a new report from cnEVpost.
At the 2021 China EV100 Forum, Qin Linhong, Director and President, Nio, said that the company is actively working on its overseas market launch. Even though Nio has listed itself on a U.S. stock exchange, its priority is not the American market. Nio has its eyes on the European markets right now, Norway particularly.
One of the press pictures of the Nio ET7 that debuted at Nio Day 2020 this month showed Oslo (Norway) as the live location of the car on the central screen. It was believed to be a hint for the first Nio overseas market. According to the report, William Bin Li, Chairman and CEO, Nio, said a day later that this was indeed an indication of the company’s plan to enter overseas markets. Nio has posted 15 job offers related to local commercial operations in Norway on Linkedin, all with Oslo as the location.
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Though a small country, Norway is a crucial EV market for automakers because of its pro-EV policies. The country is looking at banning ICE vehicles by 2025. Norsk elbilforening (Norwegian Electric Vehicle Association) has said that EVs accounted for 50% of car sales last year and no other country in the world has been able to create such a record so far.
Nio currently has four models in its portfolio. The Nio ES8, a Tesla Model X rival, is its flagship. Below is the Nio ES6, a Tesla Model Y opponent, and this model has a coupe version as well – Nio EC6. The newly launched Nio ET7 goes up against the Tesla Model S this year.
In other updates, Nio is likely to build a new plant next to the JAC-Nio plant where it currently manufactures EVs. That’s according to another recent cnEVpost report, which cites a tender document as the source of this information.
Featured Image Source: Nio