According to a job advertisement on Microsoft Corp’s (NASDAQ: MSFT) professional networking site LinkedIn, Nio Inc (NYSE: NIO) is looking for a General Manager to lead its business expansion in Germany.
What happened was this: The move is seen as Nio aiming to expand its European development plans beyond Norway, where the electric seven-seater sports utility vehicle ES8 is set to go on sale in September.
According to the Shanghai-based electric car manufacturer’s LinkedIn post, it is searching for someone who can “define and be in charge of execution of the German market strategy,” among other things.
Since it went public earlier this week, the post has received 174 applications.
cnEVPost, a Chinese EV news portal, was the first to report on the development.
Norway, as the most EV-friendly country in Europe, is considered as a stepping stone for Nio to grow into other European countries. The EWVTA accreditation, according to Nio, “marks a key foundation for NIO’s entry into Norway and the European market in general.”
Why Does It Matter? Europe will serve as a proving ground not only for Nio, but also for Chinese electric vehicle rivals such as BYD Co (OTC: BYDDY) (OTC: BYDDF) and Xpeng Inc (XPEV: NYSE), which have their sights set on the continent.
Also see: Legacy Automakers Ford and GM Gave Stellar Returns In 2021 First-Half While Hip EV Startups Tesla and Nio struggled, Legacy Automakers Ford and GM Gave Stellar Returns In 2021 First-Half
Volkswagen AG (OTC: VWAGY) and competitor legacy player Bayerische Motoren Werke Aktiengesellschaft (OTC: BMWY), both based in Germany, are committing to a faster transition to an electric car portfolio.
Tesla Inc (NASDAQ: TSLA), led by Elon Musk, already has a presence in Germany, and sales have increased ahead of the start of production at its $7 billion gigafactory outside of Berlin.
Volkswagen announced earlier this year that fully electric vehicles will make for more than 70% of total European vehicle sales by 2030, up from a previous target of 35%. By 2023, BMW wants to have fully electrified cars in 90 percent of its market categories.
Price Changes: Nio shares closed at $46.04 on Wednesday, up 8.45 percent.
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