Nio (NIO) - Get NIO Inc. (China) Report shares fell Tuesday after the Chinese luxury electric vehicle maker denied reports that it plans to establish a factory in Europe as part of its expansion plans.
Reports had said that Nio was planning a production base in Poland after the company put a job posting on LinkedIn seeking an "EU plant operation manager."
"At present Nio is not planning a manufacturing site in Poland," the company said in a statement to Automotive News Europe.
Nio has a foothold in the Norwegian region and the company is set to begin sales in Sweden by the end of 2022, according to COO Lihong Qin told the Swedish Dagens Industri in a story Monday.
Nio will begin sales in Germany next year with its new model ET7 sedan. The company plans to bring the ET7 to Norway, where it already sells the ES8 large SUV.
Nio announced plans to build four battery swap stations around Oslo, Norway this year with 12 more planned in other cities in 2022.
Last month, analysts at Goldman Sachs upgraded the company to buy from neutral with a $56 price target.
"We believe Nio’s positioning of the ET7 is strategic. The product design, such as the wheelbase, is in the same class with peer full-size premium sedans including Mercedes S-class and BMW 7 series," said analyst Fei Fang.
Goldman's checks show that electric vehicle sales penetration is progressing, market shares are consolidating towards the top manufacturers and the firm expects demand to be catalyzed by new model launches.
Shares of Nio were down 3.35% at $39.10 at last check.