Chinese electric vehicle manufacturer Nio (NYSE:NIO) is ready to make a big announcement which will hopefully turn a bearish run on its head. The EV company has been toting along teasers of a European expansion, and it looks like those promises are finally coming to fruition.
NIO stock has been dealing with volatility. The innovative company continues to roll out impressive tech like its upgraded battery-swapping stations. But, the company is still not yet profitable, and a variety of headwinds are weighing on NIO. In fact, some investors are hesitant now thanks to the trade war and an ongoing chip shortage.
The company is hoping to put an end to its 2021 woes soon. The big announcement that investors have been waiting for is arriving soon. Nio will see its first expansion outside of the Chinese market. The company will finally complete its move into Europe with an announcement slated for May 6. The news comes from an interview with Nio President Qin Lihong.
NIO Stock Looks to Gain From EV-Wealthy Norway
The flagship European showroom for the Chinese Tesla (NASDAQ:TSLA) counterpart will be in Norway. The reasoning behind this location is that Norway has the highest concentration of electric vehicles in the world. This makes the country an obvious selection for the brand making a debut outside of its homeland.
The showroom will be a situated just a stone’s throw from EV competitor Polestar’s show space. The space will host the viewing area, along with a cafe, bar and a handful of other amenities. The sizable 1,700-square-meter space will make it the largest vehicle showroom in the world. The company seems to be making quite a statement to the country, where EV sales are up 50% in the last year.
Nio’s first European showroom will be formally announced by the company in May. The completion and opening of the space will come in September of this year. In the meantime, investors are turning bullish on NIO stock, as they finally get what they’ve been waiting for this year.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.