Chinese electric vehicle maker Nio (NYSE:NIO) is attracting a great deal of attention today, amid speculation that the automaker could be preparing to enter the U.S. Although shares have since reversed course, NIO stock climbed as much as 2% in early trading. It is also a top-trending stock on Yahoo Finance and social media today.
Since U.S. EV sales are growing rapidly and Nio is seen by some as China’s version of Tesla (NASDAQ:TSLA), Nio’s move into the U.S. could greatly boost its financial results down the road. Such a development, in turn, is likely to meaningfully lift NIO stock.
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At the same time, Nio is making progress in its existing markets, which is likely to intrigue investors. Nio launched its ES8 sedan in Norway on Sept. 30. It’s planning to debut another electric sedan, the ET7, in the country in 2022. After Norway, Nio is expected to “gradually” enter additional markets in Europe.
In China, Nio’s sales have been growing rapidly. For example, in November, it announced that its deliveries had soared 105.6% year over year to 10,878 EVs. In the first 11 months of the year, its deliveries jumped 120.4% YOY to 80,940 EVs.
Exactly five months ago Chinese electric car maker Nio announced its intention to enter Norway, and last Friday it opened the doors the Nio House Oslo, its first showroom in Europe. It plans to enter Germany next year, and is counting on export markets for expansion as China becomes increasingly saturated with EV (electric vehicle) makers.
Along the way, Nio seems determined to set itself apart from the traditional way carmakers do things.
The usual practice for a car company is to design and build its products, then appoint dealers and let them do the work of finding customers and taking care of them. But Nio’s approach in Norway has been to foster an unusually close relationship with its end users.
Like Tesla, Nio has a direct-to-customer sales approach. What’s different is how much it has let customers determine the way it does things.
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Edited by Victoria Watcher, 27 December 2021 - 12:06 PM.