Nio (NYSE:NIO) unveiled more details of its products and services expansion in Europe at a launch event in Berlin.
The Chinese electric vehicle maker is entering Netherlands, Denmark and Sweden following its entry into the Norwegian market last year. Nio (NIO) is offering leases on the ET7, EL7 and ET5 models and making them available through a subscription model designed to encourage EV use.
The flagship Nio ET7 sedan is available to order now in Germany, the Netherlands, Denmark, and Sweden with deliveries due to start on October 16. Nio also confirmed that pre-orders for its EL7, a mid-large smart electric SUV, and the ET5, its mid-size smart electric sedan have started with deliveries set to start in January and March 2023, respectively.
The subscription models Nio (NIO) offers includes comprehensive insurance, maintenance, winter tires, a courtesy car and battery swapping, as well as the flexibility to upgrade battery services. As for charging options, Nio has access to 380K charging points in Europe accessible with NIO NFC cards, and a European version of Nio’s charging map has also been introduced. In 2022, the company plans to build 20 Power Swap Stations in Europe. By 2025, Nio aims to build 1,000 PSS outside of China, most of which will be in Europe.
How does that compare to Tesla (TSLA)? The European Tesla Supercharging network just hit the milestone of 10K individual connectors (stalls) installed in 30 nations. Of course, Tesla (TSLA) is a top EV seller in Europe. In August, the Tesla Model Y was the leading battery electric vehicle sold in Europe, followed by the Volkswagen ID.4 (OTCPK:VLKAF), Skoda Enyaq iV (4,669), Fiat 500e (STLA), and the Dacia Spring.
However, despite EVs making up a higher percentage of auto sales in Europe and globally it has been a rough stretch for investors of the two EV powerhouses. Shares of Nio (NIO) are down 22% over the last six weeks and are off 59% YTD. Meanwhile, shares of Tesla (TSLA) fell 20% over the last six weeks and have dropped 44% YTD.
Both stocks are at a low on a price-to-sales comparison.
Image and article originally from seekingalpha.com. Read the original article here.