The Chinese electric vehicles (EVs) company, Nio, shared that it plans to expand its business in Europe as the price war of EVs in China has intensified.
William Li, chief executive officer of Nio said that in the next quarter of 2023, the company will unveil a model that caters to European demand for compact cars and will also be sold in China.
According to Bloomberg, Qin Lihong, the president of Nio said that cracking the European market has been harder than they expected. He mentioned about the delay of installing twenty battery-swap stations in Norway in which only 65% completed.
However, he added that “we’ve learned our lessons,” therefore, more thorough plans would be necessary.
In addition to the new model, Qin said that Nio will launch a fresh brand named “Firefly” which will be made at a new factory in China for the European market next year.
