China-based electric vehicle manufacturer Nio has announced plans to open its first overseas factory in Budapest, Hungary, in September 2022. European market.
The opening is part of Nio’s strategy to increase car sales across the continent, with a focus on Denmark, Germany, the Netherlands and Sweden.
The company is also working with UK-based oil and gas giant Shell to build battery exchange stations worldwide, starting with China and Europe. Nio plans to set up 4,000 battery exchange stations worldwide, a quarter of which will be outside of China.
Founded in 2014, Nio is headquartered in Shanghai with manufacturing facilities in Hefei and Nanjing, as well as a software R&D center in Beijing. The company also has a design center in Munich, Germany, an office in Oslo, Norway, and R&D centers in San Jose, California and Oxford in the UK.