Written by Cláudio Afonso | LinkedIn | X
Electric vehicle maker Nio is aiming to double its sales to over 440,000 vehicles this year, founder and CEO William Li said late last year. In Norway, its first market outside China, the company sold nearly 900 vehicles in 2024 and is targeting 69% growth for this year.
Speaking to the local media outlet Bilbransje24, the chief of the Nordic market An Ho said the team would like to sell more despite admitting that the market “is dominated by smaller and cheaper cars.”
“The market is dominated by smaller and cheaper cars. Expensive cars sell worse. Our cars are in the more expensive segment, but we would like to sell more,” An Ho stated.
Last month, Nio registered 40 electric vehicles in the country, bringing its total registrations for the year to 890 units.
In Norway, which leads the world in EV market penetration, Nio’s annual registrations increased by 43% in 2024, reaching 890 units, compared to 621 in 2023. However, this figure remains lower than the 1,100+ units registered in 2022.
An Ho, who replaced Marius Hayler as the leader of the Norwegian market in late 2023, expects an “exciting” year ahead naming “interest rate cuts and increased real wages” as potential factors for another increase in the sales numbers.
“We have an exciting model portfolio. At the same time, I do not think it is realistic for us to double the sales targets in 2025 compared to 2024,” he added. “If we end up with 1,500 cars with a reasonable margin, that’s OK. Then I’m pretty happy.”
Asked about Nio’s rival XPeng—which plays in a lower-priced segment— the chief of the Norwegian market mentioned the price gap and the business model. XPeng sold 1,791 vehicles in the country during 2024.
“I think there are several explanations. They have a dealer network. Another difference is that we have BaaS (Battery as a Service). If we compare our models directly with Xpeng, our cars are more expensive,” the Nio general manager said. “By all means, Xpeng has done a great job. At the same time, I am very pleased that we have over 60 percent conversion rate on our leads.”
Nio entered the Norwegian market in September 2021 and opened its 20th battery swap station in the country last November. These stations allow drivers to swap their car’s battery for a nearly fully charged one in minutes. Although a specific number was not revealed, An Ho said there will be “a few more” openings this year.
The fourth quarter of 2024 saw Nio register 294 vehicles in Norway, up from 207 in the third quarter. Despite December marking the weakest month of the year, the quarter was still the second-best quarterly performance since it entered the market in 2021, behind the fourth quarter of 2022.
In Norway, fully electric cars accounted for 88.9% of new vehicle sales last year, up from 82.4% in 2023, according to the Norwegian Road Federation (OFV). With a total of 128,691 new vehicle registrations recorded by the OFV, electric vehicles accounted for 88.9% of the new car market in 2024, up from 82.4% in 2023.
The company has recently expanded its financing options in Norway through its partnership with Santander Bank, offering loans, hire purchase agreements, and leasing plans. The partnership, established in 2023, has been extended to Norway following Germany, Denmark, and Sweden.
Written by Cláudio Afonso | LinkedIn | X
