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NIO to establish its first overseas power producing plant in Hungary

Author : Pankaj Singh | Published Date : 2022-08-01 

NIO to establish its first overseas power producing plant in Hungary
  • The Chinese automobile maker has already opened a store in Oslo, Norway.
  • The company intends to build 4,000 battery switching stations around the world.

Chinese automobile manufacturer NIO is reportedly planning to set up its first overseas plant in Pest, Hungary in September 2022, to produce and design power products for the European market, including battery swapping stations as it accelerates its global expansion drive.

The Shanghai-based automaker is expected to speed up the installation of battery swapping stations in Europe in the second half of this year, to boost its automobile sales in countries like Sweden, Germany, Denmark, and the Netherlands. Notably, NIO began shipping its ES8s to Norway as well as opened a store in Oslo last year.

The EV automotive producing behemoth has emphasized its battery servicing networks and after-sales services with city center showrooms as its major competitive advantages. Besides, the company intends to build 4,000 battery switching stations around the world, out of which 25% will be outside of China.

More Chinese EV startups and battery manufacturers are expanding their footprint in international markets where the demand for EVs and energy storage is exploding. For instance, Chinese battery manufacturer Gotion High Tech Co. revealed plans to locate one-third of its manufacturing capacity outside of China by the year 2025, with the company eying Gottingen, Germany for its first foreign battery factory.

In other developments, Guangzhou Xiaopeng Motors Technology Co. Ltd., Nio, and Li Auto Inc. are preparing to publish China EV sales for July 2022 before the U.S. stock market opens. In anticipation of another record-breaking month, Chinese EV powerhouse BYD Auto Co., Ltd. has also released sales data for July.

Tesla, meanwhile, has reportedly extended its partnership with current battery materials suppliers from China to reinforce its supply chain amidst the growing competition in the global EV market.

Source Credits:

https://money.usnews.com/investing/news/articles/2022-08-01/chinas-nio-to-make-power-products-for-europe-at-its-first-overseas-plant#:~:text=China's%20Nio%20to%20Make%20Power%20Products%20for%20Europe%20at%20Its%20First%20Overseas%20Plant,-By%20Reuters&text=Aug.%201%2C%202022%2C%20at%2012%3A15%20a.m.&text=SHANGHAI%20(Reuters)%20%2D%20Chinese%20electric,as%20it%20accelerates%20expansion%20abroad

About Author

Pankaj Singh . .

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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