Nio said it hopes to use the partnership to promote exchanges with local young scholars, apply for European research programs, and conduct joint product development and testing.

Nio (NYSE: NIO) has entered into a partnership with a local university in Hungary, as the Chinese electric vehicle (EV) maker tries to expand its presence in Europe.

Nio signed a memorandum of strategic cooperation with Hungary's Széchenyi István University, the Széchenyi István University Foundation, and the Hungarian Motorsport and Green Mobility Development Agency on May 21 in Budapest, according to a statement from the company today.

It is a joint scientific collaboration that will cover a number of areas including photovoltaics, energy storage, charging, grid interaction, long-life batteries and vehicle-to-grid (V2G), according to the statement.

In the partnership, Nio hopes to promote exchanges with local young scholars, joint applications for European research programs, joint product development, testing and applications to promote green cooperation between China and Hungary, and between China and Europe, the company said.

The signing of the memorandum aims to promote the development of the automotive industry in China and Hungary, and accelerate the application of Nio's energy replenishment technology and business concepts in Hungary, said Zhang Hui, vice president of Nio Europe.

It will create more research jobs in Hungary's automotive and energy industries and promote the two countries' joint achievement of climate goals, Zhang said.

Hungary, which will hold the rotating EU presidency in the second half of 2024, will play an active role in promoting the EU's green transition, accelerating the development of energy replenishment infrastructure, and promoting a pan-European strategy for the sustainable use of batteries, Nio's statement noted.

Nio's energy service system has been recognized by the Hungarian government, and the company will strengthen local research and development to provide European customers with more convenient energy replenishment services, it said.

The EV maker is currently targeting only Europe in its efforts to expand overseas, with vehicles already available in several countries.

Nio built the Nio Power Europe Plant in Hungary in 2022, its first overseas plant to produce battery swap stations.

The plant also serves as a manufacturing center, research and development center and service center for Nio's power products in Europe, it said in the statement today.

The plant saw the first locally produced battery swap station roll off the line in September 2022.

As of now, Nio has 43 battery swap stations in Europe, 15 of which are located in Germany, data monitored by CnEVPost show. The company has 2,420 battery swap stations in China.

Nio founder, chairman and CEO William Li is on his way to Frankfurt, Germany, according to a short video he posted last night.

Li will be driving from Frankfurt to Amsterdam, Netherlands, to witness the opening of the company's new Nio House in the city, he said.

Nio opens smart driving tech center in Germany, its 1st outside of China