SGX-listed China carmaker Nio to make South-east Asia debut in Singapore
On Monday (Aug 18), Nio said retail operations will begin in the Republic in the first quarter of 2026, with the Firefly compact hatchback as its first model.
Nio has three brands: Nio for premium cars, Onvo for mass-market, and Firefly for small, premium cars. The compact hatchback is the manufacturer's first right-hand drive model, and Singapore will be the first market in South-east Asia to see it. A Malaysian distributor is expected to be signed shortly.
William Li, the chairman and chief executive of Nio, said: 'Partnering with industry veterans like Wearnes Automotive, who possess a deep understanding of local markets and extensive channel networks, will enable us to introduce smart electric vehicles to new markets more efficiently, making Nio the preferred choice for more consumers.'
Earlier this year, Nio confirmed the production of right-hand drive models with an aim to introduce them to the United Kingdom and South-east Asia.
It is part of the EV maker's latest steps towards global expansion. Before this, Nio's growth beyond its home market of China was limited largely to Europe, with the likes of Norway, Germany, the Netherlands, Denmark and Sweden.
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It also plans to enter seven other European markets including Austria and Belgium, and has also signed distributors in Costa Rica and Uzbekistan.
Established in 2014, Nio is known for its battery-swopping technology that allows used batteries in its EVs to be changed for fresh ones in less than five minutes.
Nio had its initial public offering on the New York Stock Exchange in 2018 raising US$1 billion, and was listed on the Singapore Exchange's mainboard and Hong Kong Stock Exchange in 2022.
Nio and Wearnes 'will evaluate' implementing the brand's battery-swop technology in Singapore in future, although they did not elaborate on when or how this would take place.
Currently, battery-swopping for passenger EVs is not allowed in the Republic, although the technology has been approved for motorcycles and is currently undergoing trials with heavy vehicles.
Wearnes Automotive is the dealer and distributor for a number of brands in Singapore, including Aston Martin, Bentley, Jaguar, Polestar and Volvo. It is owned by the automotive and luxury goods retailer StarChase Group, which is controlled by Malaysian tycoon Yaw Chee Ming.
As at 4.33 pm, shares of Nio were up 6.3 per cent or US$0.29 at US$4.89.
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