Chinese electric vehicle maker Nio Inc (NYSE: NIO) is launching its ES8 electric sports utility vehicle and Nio House in Oslo, Norway.
The company began shipping the ES8 electric vehicles to Norway in July, marking a key step in its expansion outside of the home market. This will be a debut for the U.S.-listed Nio outside of China where it has become a popular name and competes with homegrown rivals such as Xpeng Inc (NASDAQ: XPEV), BYD Co (OTC: BYDDF), and global players like Tesla Inc (NASDAQ: TSLA).
Nio CEO Wiliam Li has said that the company may expand into Germany, followed by other European countries, if it achieves success in Norway.
Nio gave a sneak peek of the Nio House in Norway ahead of the event on Twitter.
Excited for the #NIONorge livestream on September 30 at 12:00 AM PDT? Here’s a sneak peek at the first #NIOHouse outside of China in Oslo, Norway. https://t.co/3tdLPajDNO #AlwaysForward pic.twitter.com/hhZOP7cMzW
— NIO (@NIOGlobal) September 29, 2021
Follow this space for live updates.
3:15 a.m. ET: The event has kickstarted with a look at the Nio House in Oslo.
3.17 a.m. ET: The hosts take a tour of the gallery at the Nio House — which includes a cafe, a corner for art and houses an exhibition area as well. This is part of Nio's aim to provide a comprehensive consumer experience that expands beyond the purchase of its vehicles. You can read more about how Nio is impressing customers with its overall Lifestyle ecosystem here.
3.26 a.m. ET: The Nio House tour has ended and the press conference is expected to begin shortly.
3:30 a.m. ET: For those unaware, Nio ES8 is a 7-seater, electric full-sized Sport Utility Vehicle which first went into production in June 2018 for the Chinese market.
3:31 a.m. ET: Nio House will be opened for the public on Friday, says Marius Hayler, General Manager at Nio, as he takes over at the stage.
3: 33 a.m. ET: Nio means a “new day,” says Hayler as he is all praises for the innovative vision of CEO William Li.
3:35 a.m. ET: Nio’s Norwegian office was set up seven months ago and we already have 50 employees now, says Hayler.
3:36 a.m. ET: Hayler is introducing the Nio brand to Norway with various timelines and showcasing a video of the ES8 on the roads.
3:40 a.m. ET: Nio ES8 boasts of clocking 0-100 km/hr in 4.9 seconds, Hayler notes, touting the comfortable seating space in the vehicle. An unnamed journalist noted that the front-row seat is one for a "king," as per Hayler.
3:44 a.m. ET: Nio particularly highlights that it not just focuses on product but also services, most of which are available at the "click of a button" through the app. Nio service center in Norway will be ready in a month’s time. The company plans to expand authorized service centers to five other locations.
3:46 a.m. ET: Hayler is describing Nio Power and overall charging capabilities and features that form an integral part of owning a Nio electric vehicle.
3:50 a.m. ET: Nio aims to have 20 Power Swap Stations in Norway by the end of 2022, subject to regulatory approvals. Hayler points out the Charging Map feature that would allow Norway users to be able to view the charging stations available in Norway and, widely, Europe.
3:52 a.m. ET: Now, we are moving past products and services to the overall Nio Lifestyle experience.
3:52 a.m. ET: In 2022 the automaker plans to launch Nio Space — a smaller version of Nio House — to four more destinations. These are Bergen, Stavanger, Trondheim, and Kristiansand.
3:57 a.m. ET: Nio ES8 to launch in 5 colors at the time launch. In March 2022, the company plans to add a color inspired by northern lights, "the Arctic Green."
3:58 a.m. ET: For the 75kWH battery, the ES8 is priced at NOK 609,000, with a range of up to 375 km (WLTP).
4:00 a.m. ET: For the 100kWH battery, the ES8 is priced at NOK 679,000, with a range of up to 500 km (WLTP).
4:03 a.m. ET: Nio is also introducing the Battery-as-a-service starting with the 100 kWh battery option, which is available from September.
4:02 a.m. ET: Nio is throwing in a 6-year, or 150,000 km, vehicle warranty along with the free roadside rescue.
4:03 a.m. ET: There are other warranty options available as well, including the 4-year or 60,000 km warranty that comes with a free maintenance package.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Uncertainty is all around us these days, from the economic outlook to the effects of climate change to covid-related issues, but one thing almost everyone agrees on; Electric vehicles (EVs) are the future of the auto industry.
After conducting a quarterly review of global EV sales, Piper Sandler analyst Alexander Potter notes recent months have seen EVs making further inroads, with sales on the up, particularly in Europe and China. Market-wide vehicle sales show that for the past 3 months (through August), EVs account for 12% of overall sales in China, 10% in Europe and 3% in the United States.
Competition is only intensifying with both new startups and legacy auto makers looking to claim a piece of this flourishing industry. Potter thinks the current undisputed EV leader Tesla (TSLA) will eventually have to contend with losing some of its current dominance, especially in the U.S., once other EV makers’ models hit the market. Interestingly, however, Potter doesn’t actually think this is a “bearish signal,” expecting Tesla’s overall market share to continue rising. “After all,” says the 5-star analyst, “Tesla is competing against vehicles of all types – not just against other electric vehicles.”
Furthermore, while Potter warns of declining market share ahead, based on recent performance, the EV leader has been gaining market share. Potter says that due to a focus on domestic deliveries rather than exports, investors will find China market share has inflected higher in September. Accordingly, Potter has now increased his 2021 estimates, believing Q3 will be TSLA's “strongest quarter ever.”
Based on reports of “strong production,” the analyst now expects Tesla will deliver 233,000 vehicles in Q3 and anticipates total 2021 deliveries of 894,000 compared to the prior estimate of 846,000.
What this all means for investors? Potter gives TSLA a $1,200 price target, a Street-high, to back his Buy rating on the stock. His target suggests room for a 55% uptick over the next 12 months. (To watch Potter’s track record, click here)
As usual, however, Potter’s take is one of many wildly differing views concerning the EV leader’s prospects. The majority say Buy – 12 analysts, in fact – but there also 7 Holds and Sells, a piece, all coalescing to a Hold consensus rating. What’s more, despite Potter’s exuberant outlook, going by the average price target, shares are expected to drift lower; the figure clocks in at $690.18, implying the stock will be changing hands for an 11% discount a year from now. (See Tesla stock analysis on TipRanks)
To find good ideas for EV stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.