Chinese EV maker Nio launches its brand in Norway

The Chinese electric vehicle maker Nio has launched its brand in Norway and the company plans to open its first overseas store in Oslo in September, Yahoo finance reports.

Nio is backed by Chinese tech giant Tencent and was set up in 2014. Since then the company has delivered over 100,000, almost all of them in China but Nio is now looking to expand globally.

During an online event. Nio’s chief in Norway, Marius Hayler, said that the company will open stores in four other Norwegian cities in 2022 as well. Norway is boosting sales of electric vehicles, which represent over half of the country’s all-new car sales.

Nio’s ES8 sport-utility vehicles and ET7 sedans will be for sale in the Norwegian market and the company will also open charging stations and battery swapping stations, Marius Hayler said.

Nio is valued at $61.8 billion based on its New York stock listing, just below Germany’s BMW.

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