China’s Nio to Open First Overseas Plant in Hungary
What’s new: Chinese electric-vehicle maker Nio Inc. will launch its first overseas factory in September in Pest, Hungary, according to a Saturday statement (link in Chinese).
The plant will cover 10,000 square meters and produce power charging and battery swap stations for European customers and provide after-sales services, the Hong Kong- and New York-listed company said on its social media account.
The context: Nio has already entered the Norwegian vehicle market and plans to sell cars in more European countries including France, Germany and the Netherlands. It has built a power charging and battery swap station in Norway and sold 750 cars in the country, industry data shows.
Norway is the first stop for many Chinese carmakers expanding into Europe because the country does not have domestic auto companies and has issued multiple policies to support new-energy vehicle sales. Xiaopeng Inc., BYD Co. Ltd., and FAW Car Co. Ltd. have all entered the market.
However, market insiders say it will be difficult for Chinese firms to take root in Germany amid fierce competition from local car brands.
Quick Takes are condensed versions of China-related stories for fast news you can use.
Contact reporter Guo Yingzhe (firstname.lastname@example.org) and editor Jonathan Breen (email@example.com)
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