Nio's Norway Plan On Track; EV Maker To Open First Nio House And Announce Local ES8 Pricing On Sept. 23

Nio, Inc. NIO's Norway foray is progressing as planned, and some key milestone events will likely materialize over the next couple of weeks.

What Happened: Nio's first overseas Nio House will be opened in Oslo, Norway on Sept. 23, CnEVPost reported, citing the company's President Qin Lihong.

Lihong reportedly confirmed the timeline while speaking in Wuhan on the occasion of the opening of the company's 27th Nio House in China.

Nio House is the EV maker's concept store conceived with the objective of building and maintaining a brand community. The Nio House is anchored by a car showroom, where each of the company's car models are on display for potential users to experience. It also includes a Nio café, library, conference room, lab/meeting room, living room and childcare facility.

Nio will also announce the local pricing of its ES8 model, the first of its vehicle models to be sold in Norway. The starting price of an ES8 model sold in China is 468,000 yuan, or $72,500, before subsidies, the report said.

Related Link: How Nio's Norway Market Entry Is Unfolding

Why It's Important: Nio, which officially announced its entry into Norway in early May, appears to be laser focused on its first-ever overseas expansion plan. The company plans to begin selling its ES8s to customers in Norway in September.

The next model the company plans to sell in Norway is its yet-to-be commercially launched ET7.

Success in Norway is key for Nio, as the EV maker has charted out an ambitious overseas expansion plan. EO William Li sounded out in the company's second-quarter earnings call that Germany could be the company's next stop, followed by other European countries.

Related Link: What's Ailing Nio? Chinese EV Stock Underperforms Domestic Peers In August

Photo: Courtesy of nio.io