Many stocks have risen and fallen for real in 2020. The electric vehicle (EV) manufacturer is based in China NIO (NYSE: NIO) not one of them. In the latest daily announcements, the company’s shares soared 6.5% higher on Tuesday, although this was due to more speculation than reality.
Many media outlets are reporting that the NIO is consolidating its plans to enter the European market by 2021. Such a report, published on Chinese car industry tracking company Gasgoo, said The company has set up a business unit to spearhead that effort. Some rumors suggest that the NIO’s European team will initially be headquartered in Copenhagen, Denmark.
According to a project code-named Marco Polo, the article states that NIO has chosen a lot of employees to be employees for the unit. The ambitious automaker plans to sell 7,000 of its ES8 and ES6 SUVs in the continent within two years.
In August, CEO William Bin Li said it was his wish that the company would start operations in overseas markets “where electric vehicles are popular.” He targets Europe as an important region.
So what now
NIO’s ambitions are significant in a world that wants to make vehicles greener. Europeans are very environmentally conscious consumers who, despite the continent’s already sluggish economic growth, current struggles with pandemic and producer presence. Leading global auto manufacturer could put Chinese companies in trouble. What is encouraging, however, is that NIO is eagerly going everywhere for its next sources of growth.