Chinese electric vehicle maker Nio Inc. (NYSE:NIO) is delaying the official launch of the ES8 SUV and the opening of the first overseas Nio House in Norway by a week, cnEVpost reported Wednesday.
What Happened: Nio will now launch the ES8 in Norway on Sept. 30 while the first local Nio House in Oslo will be officially open for business from Oct. 1, as per the report that Marius Hayler, general manager of Nio Norway.
The report did not provide any details about the reasons for the delay. It was reported earlier this month the EV maker will open the Nio House in Norway and also announce the local pricing of its flagship ES8 model on Sept. 23.
Nio House is the EV maker’s concept store.
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Why It Matters: Nio’s entry into Norway marks the first step in an ambitious overseas expansion plan charted by the EV maker, which has found success in China as a seller of premium electric vehicles.
NIO CEO Wiliam Li has said that the company may expand into Germany, followed by other European countries, if it achieves success in Norway.
Price Action: Nio shares closed almost 2.3% higher in Wednesday’s trading at $35.70.
Photo: Courtesy of Nio