How Nio’s entry into the Norwegian market unfolds

NIO Inc. (NYSE: NIO) announced his foray into Norway in early May, his first-ever overseas expansion.

Since then, the automaker has developed at a rapid pace. Here’s a timeline.

• Mid-June: Nio announced that it has received European whole-vehicle type-approval for its ES8 SUV, signaling receipt of official approval for mass production and license plate registration in all EU countries.
• Early July: The first batch of Nio home charging stations and superchargers were sent to Norway, aiming to deliver to users in September.
• End of July: Nio started shipping his ES8 SUV from Shanghai Waigaoqiao Port to Norway.
• Mid-August: The Nio app went live for Norwegian users and was available through the local App Store and Google Play Store. The first batch of ES8s arrived in Norway.
• Aug 30: Nio started allowing Norwegian users to test drive the imported ES8 SUV. About 300 spots were filled within three days of signing up, CnEVPost reported, citing a statement by Nio Norway user chief An Ho on the Nio app.

Related link: This Chinese EV maker expects to sell more cars than Nio, XPeng in Q3

Why it’s important: Nio’s success in Norway is very important for the future overseas expansion of the EV maker. CEO William Li gauged in the company’s second-quarter earnings call that Germany could be the company’s next stop, followed by other European countries.

The EV market in Norway has become a crowded field.

Nio’s Chinese pear XPeng, Inc. (NYSE: XPEV) began exporting its G3 SUV to Norway late last year. Company started shipping its P7 EV sedan model to Norway last week.

Warren Buffett Property BYD Company Limited (OTC: BYDDF) began shipping its Tang electric SUVs in Norway earlier this month.

What’s next: Nio plans to start delivering its ES8 SUV to Norwegian customers in September. The second model to be sold in Norway is the commercially launched ET7 sedan.

The first Nio House in central Oslo, with a floor space of 2,150 square meters, is expected to open in September.

By the end of 2021, the company hopes to have four exchange stations in and around the Oslo area. Nio Power Norway will become operational in September. The company also plans to open its first Nio Service and Delivery Center in Oslo in September.

At last check, Nio shares were up 2.46% to $38.73.

Related link: Great Canadian pension fund increases its position in Nio by 40%: what you need to know

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