NIO Inc. NIO which has been sounding out plans to launch in Europe, is likely to make an official announcement concerning its European expansion plan on May 7 or 8, an auto-focused media account, 42How, reported Friday.
Some services such as "one-click for power" will be chargeable in Europe, the outlet said in a tweet.
Nio is likely to set up European operations in the Norwegian capital of Oslo, and the first showroom will reportedly come in September, The company has reportedly hired Marius Hayler, the head of Tata-owned Jaguar Land Rover in Norway, as CEO of Nio Norway.
Reports of an imminent entry into Norway gain further credence following postings on Nio's LinkedIn page soliciting candidates for service technical support in Oslo.
Related Link: Can Nio Stock Go From $40 to $400 In 18 Months?
Why It's Important: Nio has had success operating in China. It has positioned itself as a premium brand.
In the first quarter, the company delivered a record 20,060 vehicles, including its ES8, ES6 and EC6 models. The company has sold a cumulative 95,701 cars as of the end of the first quarter.
Norway is the world leader in terms of EV adoption and sales penetration, partly supported by government incentives that make these vehicles more economical than internal combustion models in the Scandinavian country.
It is only logical that Nio has chosen Norway as its doorway into Europe.
Chinese EV rival XPeng Inc. XPEV started exports to Norway late last year.
NIO Price Action: Nio shares were up 1.37% at $36.17 at last check Friday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.