With its SGX debut and forthcoming R&D center, Chinese EV major Nio makes strides in Singapore.

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Last Updated on September 25, 2022 by Bitfinsider

NIo, a Chinese electric vehicle (EV) manufacturer, has announced the establishment of a research and development (R&D) center in Singapore for autonomous driving and artificial intelligence.

On the new site, Nio will work with Singaporean science and research institutions.

Following the company’s launch on the Singapore Exchange last week, its chairman and CEO William Li made the statement. It is presently listed in Singapore, the United States, and Hong Kong.

The electric vehicle manufacturer, which is also Tesla’s competitor, did not use the usual initial public offering process to seek cash for its IPO.

Nio’s stock soared after its debut in Singapore. The stock gained nearly 20% before erasing much of its gains to close 2.4 percent higher.

Nio, like a number of other U.S.-listed Chinese companies, is facing possible delisting from American markets due to Beijing’s refusal to give auditing access.

Following the listing, Li revealed Nio’s plans to export cars to Southeast Asia and create an artificial intelligence and autonomous driving research and development center in Singapore. He didn’t provide any precise dates.

Nio plans to take advantage of Singapore’s excellent location as an international financial and technological center, according to Li, adding that the new hub will widen and enhance the company’s global R&D footprint.

The new Singapore factory will focus on digital technology developments, which are becoming increasingly essential in carmaker competition.

Nio currently has a design office in Munich, Germany, as well as an Advanced Research & Innovation Center in Silicon Valley, California.

The firm, which was founded in 2014, has entered the electric vehicle race with a product line-up aimed at middle-class consumers, as well as customer-centric services and a revolutionary battery-swapping model.

Nio is now suffering with a decrease in production. Nio has delivered 30,842 vehicles in 2022 as of the end of April, a 13.5 percent increase year over year. However, the company only delivered 5,074 automobiles in April, a reduction of 49.2% month over month.

Nio is obviously widening its investment profile as it faces production hurdles, an uncertain local market, and regulatory opposition in the United States – an encouraging step for the fledgling auto firm and an indication that China’s electric vehicle industry still has a bright future.

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