NIO Inc. 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 BMWYY and Volkswagen AG 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.
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.
Photo courtesy Nio.
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