NIO is expected to expand soon in Europe and as the most suitable country to make this access, it was Norway. So, the Chinese electric vehicle company NIO is preparing for its presence outside China, and the National Bank of Norway according to CNN increased its stake in the company as they expect increased sales and profitability.
Thus, Norges Bank, where Norway’s national bank is, bought 13.4 million shares of NIO in the last quarter of 2020. In Norway the demand for electric vehicles is huge and is a trend that has prevailing mainly in recent years. The Norwegian government is pursuing an aggressive subsidy policy and this makes electric vehicles much more attractive than conventional vehicles.
NIO sees a new trend of alternative ways of owning vehicles. William Bin Li, president and ceo of NIO told analysts during the Q4 2020 earnings conference says : “Along with the growing user base and increasing battery supply, more and more users are choosing Battery-as-a-Service, BaaS.”
- This petrol station will offer exclusively electricity
- New battery charges electric cars in just 10 minutes
Also in early January 2021 the Chinese company unveiled its first production sedan called ET7, where in one of the internal photos of the electric car the company shows that the car is parked near Oslo Nye Teater. Another indicator for NIO’s launch in Norway is the company’s fifteen job listings in Oslo on Linkedin.