That's right, the Chinese startup will break into the Norwegian automotive market this September 2021. As NIO has detailed in its expansion plan, Norway will be the first European country in which the Chinese multinational will land, this is just the beginning.
Why Norway?
According to a study by statista Norway is in the lead with a 74.8% share. Here are the main reasons:
What strategy will Nio follow for its arrival in the Norwegian market?
As many know, NIO was on the verge of bankruptcy, lost more than $6 billion since its founding in 2014 and the Chinese government had to bail it out by injecting $1 billion.
The brush with NIO's demise was due to a battery recall, reduced subsidies from the Chinese government, a pre-pandemic slowdown in the Chinese economy due to five years of uncontrolled growth and also heavy investment in battery swapping stations.
NIO will enter the market strongly with the Nio ES8 as the first model to be introduced, later, in 2022, the Nio ET7 will arrive. A sales and service network will be built in Norway so as not to have to rely on third parties, in addition, they will open several Nio Houses in strategic locations and four Nio Spaces. Progressive growth in Norway will be inevitable, but for this to be possible, vehicle sales will also have to increase at the same level.
As we can see on the daily chart, NIO has found strong support at the key $31.98 area and the area marked in blue at $38. It is now trying to consolidate above the resistance of $46.37, still far from the next resistance of $57.18 and with a distance of 47.95% to reach the all-time high of $66.95.
The last results were on April 29, 2021 and had a negative reading for EPS as -0.55 was expected and the reading was -3.14. But, a positive reading for revenue of $7.68 billion when the forecast was $6.84.
The latest delivery data we received two days ago. NIO delivered 7,931 vehicles in July 2021, representing strong year-over-year growth of 124.5%. Deliveries consisted of 1,702 ES8, the company's flagship six- or seven-seat premium electric SUV, 3,669 ES6, the company's five-seat premium electric SUV, and 2,560 EC6, the company's five-seat premium coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.
NIO's differentiator with other electric car companies has been battery swapping. "Many of our users tell us that battery swapping was the reason they chose this car," Shen Fei, Nio's vice president of energy management, told the Financial Times, adding that many drivers in Chinese cities lack access to electric vehicle charging at home. "Battery swapping is already critical to our competitiveness."
Instead of spending 20 minutes at a Tesla Supercharger or hours charging any electric car at home, NIO's battery swap allows drivers to quickly swap their depleted battery for a fully charged one at specially equipped service stations.
To date, NIO has built 301 NIO Power Swap stations, 204 Power Charger stations and 382 destination charging stations in China and has completed more than 2.9 million swaps and 600,000 uses of One-Click-for-Power services. This year, NIO has increased its target to have more than 700 instead of 500 battery swap stations installed by the end of the year. From 2022 to 2025, NIO has committed to installing 600 new battery swap stations in China. By the end of 2025, NIO will have more than 4,000 battery swap stations worldwide. By the end of 2025, NIO will have more than 4,000 battery swap stations worldwide.
Greetings traders
Why Norway?
According to a study by statista Norway is in the lead with a 74.8% share. Here are the main reasons:
- Although Norway's policy measures (e.g. tax breaks, toll exemptions and other incentives) proved very effective in promoting electric cars, the Norwegian model cannot be easily transferred to other countries.
- The country imposes heavy vehicle import duties and registration taxes, making cars much more expensive than, for example, in the United States. By waiving these duties for electric vehicles, Norway subsidizes the purchase of electric vehicles to a level that a larger country, such as the United States, could not afford.
- Norway is a very wealthy country (ironically thanks to its oil reserves) with a high level of income. According to Norway's national statistics institute, the average household income in the country after taxes was about $54,000 in 2018, which is about on par with the United States, but more than double the European Union average.
What strategy will Nio follow for its arrival in the Norwegian market?
As many know, NIO was on the verge of bankruptcy, lost more than $6 billion since its founding in 2014 and the Chinese government had to bail it out by injecting $1 billion.
The brush with NIO's demise was due to a battery recall, reduced subsidies from the Chinese government, a pre-pandemic slowdown in the Chinese economy due to five years of uncontrolled growth and also heavy investment in battery swapping stations.
NIO will enter the market strongly with the Nio ES8 as the first model to be introduced, later, in 2022, the Nio ET7 will arrive. A sales and service network will be built in Norway so as not to have to rely on third parties, in addition, they will open several Nio Houses in strategic locations and four Nio Spaces. Progressive growth in Norway will be inevitable, but for this to be possible, vehicle sales will also have to increase at the same level.
As we can see on the daily chart, NIO has found strong support at the key $31.98 area and the area marked in blue at $38. It is now trying to consolidate above the resistance of $46.37, still far from the next resistance of $57.18 and with a distance of 47.95% to reach the all-time high of $66.95.
The last results were on April 29, 2021 and had a negative reading for EPS as -0.55 was expected and the reading was -3.14. But, a positive reading for revenue of $7.68 billion when the forecast was $6.84.
The latest delivery data we received two days ago. NIO delivered 7,931 vehicles in July 2021, representing strong year-over-year growth of 124.5%. Deliveries consisted of 1,702 ES8, the company's flagship six- or seven-seat premium electric SUV, 3,669 ES6, the company's five-seat premium electric SUV, and 2,560 EC6, the company's five-seat premium coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.
NIO's differentiator with other electric car companies has been battery swapping. "Many of our users tell us that battery swapping was the reason they chose this car," Shen Fei, Nio's vice president of energy management, told the Financial Times, adding that many drivers in Chinese cities lack access to electric vehicle charging at home. "Battery swapping is already critical to our competitiveness."
Instead of spending 20 minutes at a Tesla Supercharger or hours charging any electric car at home, NIO's battery swap allows drivers to quickly swap their depleted battery for a fully charged one at specially equipped service stations.
To date, NIO has built 301 NIO Power Swap stations, 204 Power Charger stations and 382 destination charging stations in China and has completed more than 2.9 million swaps and 600,000 uses of One-Click-for-Power services. This year, NIO has increased its target to have more than 700 instead of 500 battery swap stations installed by the end of the year. From 2022 to 2025, NIO has committed to installing 600 new battery swap stations in China. By the end of 2025, NIO will have more than 4,000 battery swap stations worldwide. By the end of 2025, NIO will have more than 4,000 battery swap stations worldwide.
Greetings traders
