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Nio To Announce Norwegian Market Plans Thursday: What We Know So Far

Benzinga logo Benzinga 5/5/2021 Shanthi Rexaline
a large body of water with a city in the background © Provided by Benzinga Nio, Inc. (NYSE: NIO) confirmed last week it will hold a press conference at 4 a.m. ET Thursday to discuss its entry into Norway. Although the company has divulged very little about what to expect, rumors are floating around.

In a countdown of sorts, Nio revealed some stray details Wednesday as well as earlier in the week. 

Nio's Sneak Peek: In an introductory letter from Nio's founder, chairman and CEO William Li and Marius Hayler, Nio's general manager of Nio's Norwegian operations, the company went at length explaining how Nio understands customers and their lifestyle in order to make their everyday journey a pleasant experience.

"We redefine 'premium service' by creating products and providing services based on our users' ideal vehicle," according to the company.

Nio said it envisions a future when cars free people from driving, giving them the freedom of time.

Hayler joins Nio from Jaguar Land Rover, a luxury automotive company owned by India's Tata Motors. Hayler previously worked with AB Volvo (OTC: VLVLY) and Bayerische Motoren Werke Aktiengesellschaft (OTC: BMWYY), according to his LinkedIn profile.

Vehicle delivery in Norway will commence in September, with the first Nio vehicle model available there likely to be the improved ES8 smart electric SUV, CnEVPost reported, citing local Chinese media outlets.

The newly launched ET7 sedan, which would be made available to customers in the first quarter of 2021 in China, will also find its way into Norway next year, the report said. 

Related Link: Nio's Deliveries Double In April Despite Supply Chain Disruptions And Factory Shutdown

Why Norway Is Nio's First Overseas Stop: Norway's appeal to EV manufacturers is the high EV market penetration in this Scandinavian country.

Norway has relatively higher EV adoption and penetration, with about 75% of the cars sold in the country in 2020 being EVs, Nio said in a blog post.

"Listed on the New York Stock Exchange, designed in Munich, Germany, innovated in Silicon Valley, and blended in China has been our model," the company said.

Nio Plans Further Geographic Expansion: The company has outlined an ambitious overseas expansion plan.

Lihong Qin, Nio's co-founder and president, said at the sidelines of the Shanghai Auto show that Nio's overseas expansion would target Europe first — and specifically Norway. The move into Norway, Nio said, marks the initial phase of the company's broadening global ambitions.

Local Chinese media outlets have been carrying reports of Nio targeting Germany in the second half of 2021 before a move into the U.K. and other European countries.

NIO Price Action: Nio shares were trading down 0.79% at $37.62 at last check. 

Related Link: 8 Takeaways From Nio's Q1 Call For EV Stock Investors: Chip Shortage, Margins, International Plans And More


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