Chinese electric vehicle (EV) maker Nio has set an ambitious new target for international growth, aiming to expand into up to 25 countries or regions by the end of 2024. This marks a significant acceleration of its previous goal, announced three years ago, to enter more than 25 markets by 2025.
Nio’s co-founder and president, Qin Lihong, revealed the updated target in an interview with Chinese state-run media outlet CGTN on the sidelines of the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Baku, Azerbaijan. “I hope that we can expand to up to 25 different countries or regions by the end of next year,” Qin said, further adding, “And we want to enter more than 90 percent of the market presence in the next five to 10 years. That’s our plan.”
Since beginning its international expansion in 2021, Nio opened its first showroom in Norway in October of that year, followed by plans to enter several other European markets, including Germany, the Netherlands, Sweden, and Denmark. However, Nio’s international ambitions slowed in recent years, focusing primarily on its European presence while holding back on other markets, particularly in the U.S. due to tightening restrictions on Chinese carmakers.
This year, Nio has resumed its international expansion. In October, the company formed Nio MENA in partnership with Abu Dhabi-based CYVN Holdings, marking its entry into the Middle East and North Africa (MENA) region. The UAE will serve as the initial market for this new venture, focusing on autonomous driving systems and battery-swap technology.
On November 15, Nio took another step in its global strategy by appointing Green Car as its national distributor in Azerbaijan. The company plans to officially begin deliveries in the Caucasus region in the second quarter of 2025.
Despite Nio’s growing international footprint, Qin emphasized the continued importance of its home market in China. “China is our home market. And also this is the biggest and also the most competitive market. We have to beat the competition in the China market first of all,” Qin noted, while also stressing the company’s commitment to expanding in regions such as the Middle East, Europe, and Azerbaijan.
