NIO Inc. (NYSE: NIO), BYD COMPANY LTD ADR (BYDDY) – Nio names LeasePlan as Preferred Leasing Partner in Norway: What you need to know

Chinese electric vehicle manufacturer Nio Inc (NYSE: NIO) named the car rental company in Europe Rental plan as a privileged operational leasing partner for its electric cars in Norway.

What happened: Nio’s ES8 electric SUV would initially be offered as part of the LeasePlan program, a move that marks the electric vehicle manufacturer’s first entry into the European market under a leasing option, according to a statement.

Customers could place an order directly through Nio, LeasePlan’s websites or Nio House in Oslo.

Nio, based in Shanghai, China, debuted in Norway in October, a market in which it aims to compete with established competitors in the electric vehicle space.

Nio says the ES8 has a range of up to 310.7 miles and offers a battery-as-a-service subscription option, allowing drivers to swap and upgrade the battery that powers the electric vehicle. .

See also: Nio prices ES8 SUV lower in Norway than its home country China unveils Nio House in Oslo

Why is this important: The electric vehicle maker is betting on success in Norway as it tries to expand its presence abroad. Nio had revealed in October the price of the ES8 in Norway and set it at a lower price than its home country, China.

The electric vehicle maker has set up a network of shops, charging stations, service centers and battery exchange stations in Norway, a country it considers the most electricity-friendly. It also plans to soon expand to five other European countries.

Nio is not alone as a multitude of Chinese electric car makers such as BYD Co (OTC: BYDDY), Li Auto (NASDAQ: LI), Xpeng Inc (NYSE: XPEV) and others are now considering expansion overseas after successfully establishing their brand in their territory where they already compete with Tesla Inc (NASDAQ: TSLA) and Volkswagen Group (OTC: VWAGY).

The development comes days after Nio announced its partnership with a Netherlands-based oil and gas company Royal Dutch Shell (NYSE: RDS-B) to build battery exchange and recharging stations in China and Europe.

The plan includes the installation of 100 battery exchange stations in China by 2025 and the construction of pilot stations in Europe from next year.

Price action: Nio shares closed 11.2% lower at $ 32.15 per share on Friday.