NIO Inc. (NYSE:NIO) shares are trading lower on Wednesday.
NIO has begun delivering the new ES8, built on the NT 2.0 platform, in Europe, following the SUV’s launch three months earlier, reported CnEV Post.
On September 16, the NIO ES8, referred to as the EL8 in Europe, was delivered to its first local customers, the report noted.
Meanwhile, China’s commerce minister cautioned that the European Union’s upcoming tariffs on electric vehicles could significantly disrupt trade and investment, especially in Germany, as reported by Reuters on Wednesday.
In a meeting with German Vice Chancellor and Economic Minister Robert Habeck on Tuesday, Wang Wentao stressed the importance of finding a solution that complies with World Trade Organization rules to avoid escalating economic and trade tensions between China and the EU.
Also Read: China Warns EU Tariffs On EVs Will Harm Trade With Germany
The European Commission is expected to propose final tariffs of up to 35.3% on electric vehicles manufactured in China, in addition to the standard 10% car import duty applied by the EU. Wang is currently in Europe to address the EU’s anti-subsidy case against Chinese electric vehicles ahead of a vote on the proposed additional tariffs.
The ES lineup was rebranded as the EL lineup in Europe due to a lawsuit with Audi, with the ES8 being referred to as the EL8, the CnEV report noted. Since its entry into the European market in 2021, NIO has also introduced the ET7, EL7, ET5, ET5T, and ES6 models there.
As of now, NIO operates 56 battery swap stations across Europe, with 19 located in Norway, 18 in Germany, and 10 in the Netherlands, CnEV Post added.
Price Action: NIO shares are trading lower by 5.91% to $5.09 at last check Wednesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
