NIO Inc. (NYSE: NIO), Berkshire Hathaway Inc. (NYSE: BRK-A) – Nio Wins Key EWVTA License for ES8, Says It Will Serve as “Essential Foundation” for Expansion in Europe

Nio Inc (NYSE: NIO) announced Friday that it has obtained European Complete Vehicle Type Approval (EWVTA) for the ES8 seven-seater electric sport utility vehicle, paving the way for the model’s official launch in Norway and the European market in general. .

What happened: Nio said the ES8 is officially approved for serial production and license plate registration in all EU countries.

The Chinese electric vehicle maker will start delivering the ES8 SUV to Norwegian customers from September and will set up a network of charging stations, shops, service centers and battery exchange stations in the country.

Norway, the most electric vehicle friendly country, is seen as Nio’s gateway to expanding into other European countries. Nio said that the EWVTA certification “marks an essential basis for NIO’s entry into Norway and the European market in general”.

The company has not disclosed the price of the ES8 SUV, which will have a range of around 400 km to 500 km on the WLTP cycle and aimed at the premium segment.

Nio will follow with the ET7 sedan, seen as a rival to the Model S, launched in 2022.

See also: Nio makes official entry into Norway, shares details on local team, infrastructure, service and vehicle models

Why is this important: Europe will be a testing ground not only for Nio, but also for its other Chinese electric vehicle rivals who have set their sights on the region where global automakers such as Volkswagen AG (OTC: VWAGY), Tesla Inc (NASDAQ: TSLA), and others have a tremendous presence.

Nio’s rival Xpeng Inc (NYSE: XPEV) has been shipping electric vehicles to Norway since December and plans to drive expansion plans in Europe, followed by the United States

BYD Co Ltd (OTC: BYDDF), supported by Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) President Warren Buffett shipped the first 100 all-electric BYD models to Norway earlier this week, and aims to deliver 1,500 more to Norwegian customers by the end of 2021.

Price action: Nio shares closed slightly higher at $ 42.76 on Thursday.

Click on here to check out Benzinga’s EV hub for the latest news on electric vehicles.

© 2021 Benzinga does not provide investment advice. All rights reserved.

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