Chinese EV startup Nio to enter four European markets in 2022

Chinese electric car startup Nio is to make inroads into Germany, the Netherlands, Sweden and Denmark in 2022.

The New York-listed company announced the plan when it held the annual Nio Day event on Saturday.

Nio started its global expansion in 2021 with Norway as the first stop. It has launched its flagship ES8 in the country, with its sedan, the ET7, to follow in 2022.

"By 2025, Nio will establish its presence in over 25 countries and regions worldwide," said the carmaker.

Nio is one of the best-selling EV startups in China, with over 10,000 vehicles sold on a monthly basis.

The company also unveiled its fifth model, the mid-size ET5 sedan, at the Nio Day event. Priced at 328,000 yuan ($51,463), it is believed to take on Tesla's popular Model 3 sedan, said analysts.

Among other things, the ET5 comes with Nio's latest autonomous driving features, which will enable the model to drive automatically in scenarios such as highways, urban areas, parking and battery swapping.

Nio is scheduled to deliver the ET5 in September 2022. It will deliver another sedan, the bigger ET7, in March 2022.

William Li, Nio's founder, chairman and CEO, said, "The year of 2021 is full of challenges. With a positive and optimistic attitude and outlook, Nio has grown together with its users."

The startup delivered 80,940 vehicles in the first 11 months this year, representing a strong increase of 120.4 percent year-on-year.

"In 2022, we will continue to double down on product and technology development, accelerate the deployment of our service network, and enter more markets globally. We are confident about the road ahead," Li said.