Reuters: Nio (NYSE:NIO) plans to launch its first overseas plant in September to create power products for Europe.
Nio’s Pest, Hungary, plant will design and manufacture power products like battery-swapping stations for European customers.
Nio will speed up the installation of battery switching stations in Europe to grow automobile sales in Germany, the Netherlands, Sweden, and Denmark.
Nio is also teaming up with oil major Shell (LON:RDSa) PLC to establish battery switching stations in China and Europe this year. Shell will expose its European charging network to Nio.
In 2021, Nio launched a shop in Oslo and began exporting ES8s to Norway in 2021.
The company has city-center showrooms and battery servicing networks as competitive advantages.
Nio plans to build 4,000 battery swapping stations, the fourth outside China.
More Chinese electric vehicle (EV) startups and battery makers are expanding into global markets.
Gotion High Tech Co stated in June that it wanted to locate a third of its production capacity outside China by 2025. Construction of its first foreign battery plant, in Gottingen, Germany, will begin this year.