Chinese EV maker Nio Inc. (NYSE:NIO) is reportedly eyeing taking over Volkswagen brand Audi‘s car plant in Vorst, a city in Brussels.
What Happened: A Nio delegation visited the Vorst plant in recent weeks and is working on a bid to submit to Audi parent Volkswagen by next Monday, reported Belgian newspaper De Tijd. Belgium-based D’Ieteren is also interested in the plant, the report said.
Volkswagen has decided not to make any more vehicles at the plant after the last Q8 e-tron SUV rolls off the production line next year. Unless the German automaker finds a buyer, the plant will be closed, leaving 2,910 employees unemployed, the report said.
Why It Matters: For Nio, having a plant in Europe will help it avoid the high tariffs being considered for EV imports from China.
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.
The Chinese EV maker started delivering the ES8 SUV to customers in Europe earlier this month. The vehicle is referred to as the EL8 in the geography due to an older lawsuit with Audi.
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