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Nio, Inc. (NYSE:NIO) is moving swiftly with its Norwegian expansion, as is evident from several milestone events achieved by the company.
What Happened: Nio's flagship SUV model, the ES8, has been awarded the five-star safety rating by the European New Car Assessment Program, the Shanghai-based EV maker said in a Wednesday statement.
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The company also confirmed it will soon start delivering the ES8 model in Norway.
The Euro NCAP testing protocols 2020 evaluate the frontal impact with a mobile progressive deformable barrier, occupation protection in the far-side impact, driver monitoring and rescue and extrication, among other things.
The vehicles are also subjected to additional test scenarios for automatic emergency braking. Additionally, the latest protocols increase the speed of mobile side barrier to 60 km/hours in the side impact test.
On all parameters of the test, the ES8 came out with flying colors and earned 92% in the Safety Assist category under the new protocols.
Related Link: Big Canadian Pension Fund Hikes Its Position In Nio By 40%: What You Need to Know
Why It's Important: Norway is Nio's first stop in its ambitious overseas expansion plan. Smooth sailing in Norway will likely ensure the company earns a better mindshare among potential customers in the rest of the markets.
The accomplishment is also likely to allay concerns triggered by a fatal crash involving a Nio ES8 in China in mid-August.
NIO Price Action: Nio shares were down 4.88% to $38.62 midmorning Wednesday in reaction to a $2 billion at-the-market equity offering announced by the company.
Photo: the Nio ES8. Courtesy of the company.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.