Tesla’s China-based EV rivals Nio and Xpeng refuse to tap brakes on European expansion plans amid tough conditions
- The two companies are launching new models, signing more sales agencies and building charging facilities despite economic gloom
- Nio, for example, will make three of its models available in four European countries on October 16 and is building a network of battery-swapping stations
Neither stubborn inflation nor economic slowdown can deter Chinese electric-car makers from pressing forward with plans to make inroads in European territory.
“We believe that great opportunities abound in Europe over the next few years, buoyed by consumers’ rising demand and government incentives,” said Qin Lihong, Nio’s co-founder and president. “Our business model will fit well with the market, and we will be able to adapt to the environment.”
On Friday, Nio announced that three of its models – the ET7 high-performance sedan, the EL7 sport-utility vehicle (SUV) and the ET5 mid-size sedan – will be available in Germany, the Netherlands, Denmark and Sweden as of October 16.
Qin said the company expects to secure thousands of European users of its vehicles via a subscription model in the coming months.
