How Nio's Norway Market Entry Is Unfolding

NIO Inc. NIO announced its foray into Norway in early May, marking its first-ever overseas expansion.

Since then, the automaker has moved at a fast pace. Here's a timeline. 

• Mid-June: Nio disclosed it received the European Whole Vehicle Type Approval for its ES8 SUV, signaling the receipt of the official nod for mass production and license plate registration in all EU countries.
• Early July: The first batch of Nio home charging piles and superchargers were shipped to Norway, with the goal of delivering to users in September.
• Late July: Nio began shipping its ES8 SUV from the Shanghai Waigaoqiao Port to Norway.
• Mid-August: Nio app went live for Norwegian users and was available through local App store and Google Play Store. The First batch of ES8s arrived in Norway.
• Aug. 30: Nio began allowing Norwegian users to test drive the imported ES8 SUV. About 300 spots were filled within three days of application, CnEVPost reported, citing a statement from Nio Norway user head An Ho on the Nio App.

Related Link: This Chinese EV Maker Expects To Sell More Cars Than Nio, XPeng In Q3

Why It's Important: Nio's success in Norway is very important for the EV maker's future overseas expansion. CEO William Li sounded out in the company's second-quarter earnings call that Germany could be the company's next stop, followed by other European countries.

The EV market in Norway has become a crowded field.

Nio's Chinese peer XPeng, Inc. XPEV began exporting its G3 SUV to Norway late last year. The company began shipping its P7 EV sedan model to Norway last week.

Warren Buffett-owned BYD Company Limited BYDDF began delivering its Tang electric SUVs in Norway earlier this month.

What's Next: Nio plans to begin delivering its ES8 SUV to Norwegian customers in September. The second model to be sold in Norway will be the yet-to-be commercially launched ET7 sedan.

The first Nio House in Oslo City Center, with floor space of 2,150 square meters, is likely to be opened in September.

By the end of 2021, the company hopes to have four swap stations in and around the Oslo region. Nio Power Norway will become operational in September. The company also plans to open its first Nio Service and delivery center in Oslo in September.

At last check, Nio shares were up 2.46% at $38.73. 

Related Link: Big Canadian Pension Fund Hikes Its Position In Nio By 40%: What You Need to Know