The Chinese EV maker has finally ventured into Europe.
It's very common for a company to enter a foreign market with a high acceptance of similar products. For some players, Norway looks like a land of opportunity for clean energy vehicles. The country began to support the development of zero-emission automotive tech in the 1990s. After implementing preferential tax policies for EV and hydrogen cars for 25 years – and adding various incentives – the country became the first market where EVs came to outsell combustion cars. In 2020, 54.3% of all new cars sold in Norway were fully electric, up from 42.1% in 2019. This figure is much higher than it is in NIO's homeland – China.
Among the popular models in Norway, Audi e-tron is attracting the most preference. It accounts for over a tenth of Norway's 2020 EV sales. e-tron is also a model that NIO has been benchmarking. ES6, ES8 and EC6 share similar prices, starting from EUR 45,600 (EUR/CNY=7.84, as of April 29, 2021) and driving ranges (610 kilometers) with Audi's EV hit product.
NIO is not the only Chinese company that has an ambitious plan in Norway. Another EV start-up, Xpeng, has already delivered...