Chinese electric vehicle (EV) manufacturing giant Nio announced this week that it plans to expand its presence in Europe, with an entrance into seven new markets in 2025 and 2026.
Nio first announced its expansion out of China and into Europe back in the middle of 2021, which was quickly followed by the installation of the first battery swap station in November of 2021 and the start of deliveries of its flagship electric sedan, the ET7 in March of 2022.
Since then, Nio has set up shop in Denmark, Germany, Norway, the Netherlands, and Sweden – as well as expanded into the United Arab Emirates, Israel, and Azerbaijan.
Announced on Tuesday, Nio plans to increase its European rollout with entrances into seven additional markets over the following 18 months – including Austria, Belgium, Czech Republic, Hungary, Luxembourg, Poland, and Romania. Nio also suggested that “in the coming weeks” it would announce more retail locations “in additional European markets.”
Nio’s European expansion will see them cooperate with local distribution partners and will consist of cars from two distinct brands – the eponymous Nio, which is focused on premium smart EVs, and Firefly, the company’s new brand for high-end compact EVs.
Included in the initial offerings are the Nio EL6 SUV, EL8 luxury six-seat SUV, the ET5 mid-size sedan, and the ET5 Touring.
“Europe is a core pillar of our global strategy and a region where we see tremendous potential for smart, user-centric mobility,” said Thijs Meijling, head of NIO Europe Business.
“With these seven new countries, we are entering strategically important markets that are ready for sustainable innovation.
“We are confident that our partners with their strong retail footprint and local market expertise, will deliver on these high standards – ensuring that users in those new markets benefit from the same seamless, premium experience already trusted by thousands of NIO users across Europe.
“The ownership experience will be fully integrated: from financing and service to charging infrastructure and digital user services.”
Unfortunately for Nio, the news came at the same time as the company reported its unaudited first quarter financial report in which it reported a net loss of RMB 6.75 billion (around $A1.45 billion), up 30.19 per cent on the first quarter of 2024, though down slightly on the fourth quarter of 2024.
Revenue was below analyst expectations and at the lower end of company guidance, increasing year-over-year but declining by nearly 40 per cent on the previous quarter.
Vehicle sales for the first quarter amounted to RMB 9.94 billion, up nearly 20 per cent year-over-year but, again, down on the preceding quarter by 43 per cent. In total, Nio delivered 42,094 cars in the first quarter, compared to 30,053 a year earlier and 72,689 in Q4.
According to Nio, “The increase in vehicle sales over the first quarter of 2024 was mainly due to the increase in delivery volume, partially offset by the lower average selling price as a result of changes in product mix.”
Similarly, “the decrease in vehicle sales over the fourth quarter of 2024 was mainly attributable to a decrease in delivery volume, which was affected by seasonal factors.”
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.