China's Nio to make power products for Europe at its first overseas plant
Reuters
Published Aug 01, 2022 00:15
Updated Aug 01, 2022 03:29
SHANGHAI (Reuters) -Chinese electric car maker Nio plans to open its first overseas plant in September to make power products for the European market as it accelerates expansion abroad.
The plant, in Pest, Hungary, will develop and manufacture power products such as battery-swapping stations to serve European users, Nio said in a statement late on Friday.
Nio will speed up construction of battery swapping stations in Europe with a view to expanding sales of its cars in countries including Germany, the Netherlands, Sweden and Denmark in the second half of this year.
The company is also partnering with oil giant Shell (LON:RDSa) PLC to build battery swapping stations globally, starting with China and Europe this year, according to a Nio statement on Monday. Shell will open its charging network in Europe to Nio users, it added.
Nio started shipping its ES8s to Norway in 2021 and has opened a showroom in Oslo.
The company has been touting its after-sales services with city-centre showrooms and battery service networks as important competitive advantages.
Nio has said it planned to establish 4,000 battery swapping stations worldwide, a quarter of them outside China.
More Chinese electric vehicle (EV) startups and battery makers are increasing their presence in global markets where EV and energy storage demand is taking off.
Chinese battery maker Gotion High Tech Co said in June it planned to locate a third of its production capacity outside China by 2025 with construction of its first overseas battery plant, in Gottingen, Germany, to begin by the end of the year.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.