Nio said it will begin making the high-voltage battery pack it developed in 2024, as part of a drive to improve profitability and competitiveness to take on rivals such as Tesla.
Chinese electric-car maker Nio said in 2024 it would start making high-voltage battery packs, which it developed itself as part of a drive to improve profitability and competitiveness to take on rivals such as Tesla.
Nio plans to begin production of 800-volt battery packs in the second half of 2024, its president, William Lee, told analysts on a call Thursday.
Most electric vehicles are powered by 400-volt batteries while Porsche’s Taycan electric cars are powered by 800-volt lithium-ion battery packs, which recharge rapidly.
Li said Nio – which has more than 400 employees working on research and development of battery technologies – also plans to use a combination of self-made and externally sourced batteries in the long run, similar to Tesla. a scheme.
Li said Nio plans to use self-made battery packs for its new mass-market marque, which is expected to be ready for sale in the second half of 2024. These new models are expected to cost around 200,000 to 300,000 yuan ($30,000-$45,000). ), He added.
Nio said the cost of the battery would have gone up in the second quarter following a refurbishment in April following an agreement with its sole battery supplier, CATL.
The company said on Thursday that its net loss narrowed to 1.8 billion yuan in the first quarter from 4.9 billion a year ago.
But NIO forecast deliveries of 23,000 to 25,000 vehicles in the quarter ended June 30, down from 25,768 in the first quarter, reflecting a general decline in production by major automakers as a result of the two-month-long COVID-19 lockdown in Shanghai. it shows.
US-listed shares of Nio have lost 44% of their value so far this year, closing down 7.7% on Thursday.
($1 = 6.6796 Chinese Yuan Renminbi)
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