Tesla’s Chinese rival Nio is accelerating its European expansion

Tesla’s Chinese rival Nio is accelerating its European expansion

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Buzz Update Tesla’s Chinese rival Nio is accelerating its European expansion

  • Electric vehicle manufacturer NIO Inc. (NYSE: NIO) accelerated its European expansion, TechCrunch reports.

  • The premium electric vehicle maker has just launched its first power exchange station in Varberg, Sweden, the company said in a LinkedIn Publish.

  • Nio differentiates itself from its rivals by offering interchangeable, scalable batteries that charge a monthly subscription, in addition to the traditional ones. plug-and-charge model.

  • Read also : Tesla opens its EV charging walled garden to non-Tesla EVs

  • As of Nov. 6, the company had installed 1,200 exchange stations across China.

  • The company said on its November earnings call that it plans to install 20 power exchange stations across Europe by the end of 2022 and bring the total to 100 by next year.

  • Nio started to expand in Europe last year, from norway.

  • XPeng Inc (NYSE: XPEV), Nio’s Chinese rival, has also chosen Norway as the first step in its European expansion.

  • The company started by offering only rental for its models in all European countries except Norway, but soon added the option for customers to purchase the vehicles after initial market feedback.

  • It has also strengthened its operational footprint in Europe, with an R&D center in Berlin.

  • The automaker now operates “Nio Houses”, which are essentially product showrooms and customer clubs, in ten major European cities.

  • Price Action: Shares of NIO traded down 3.56% to $10.29 when last checked on Friday.

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