Chinese electric vehicle (EV) company Nio has made a significant breakthrough with the successful testing of its 1,000km EV battery. Nio's CEO, William Li, livestreamed a 14-hour road trip between two Chinese cities, Shanghai and Xiamen, using the battery. The journey achieved an impressive range of 1,044km, with 3% of the battery remaining.
Nio is considered a strong rival to EV giant Tesla, and this newly developed battery is a groundbreaking development in the industry. The road trip undertaken by CEO Li on December 17 showcased the capabilities of Nio's EV technology. The battery was fitted in a Nio ET7 EV for the entire 14-hour trip, without the need for recharging, despite the cold weather conditions and the car operating at a low battery level.
The Nio 150kWh battery, as it is called, boasts the highest energy density among mass-produced EV batteries currently available. This exceptional energy density is what enables the battery to achieve a range of 1,000km. However, Nio does not plan to begin mass production of the 150kWh battery until April 2024.
In terms of pricing, the Nio 150kWh battery comes with a hefty price tag of around 298,000 yuan ($42,000). This is equivalent to the price of a Tesla Model Y in China. However, Nio offers an alternative option for its customers. They have the choice to purchase Nio cars without a battery and instead subscribe to Nio's battery swap service. To support this service, Nio has established over 2,000 battery swap stations across China.
It is worth noting that Nio has not yet achieved significant market breakthroughs through its current business model. The company has reported an average loss of $12,000 for every EV it manufactures. However, the groundbreaking Nio 150kWh battery could potentially stimulate demand for Nio cars and lead to improved financial performance for the Chinese EV giant.
In conclusion, Nio's successful testing of its 1,000km EV battery marks a significant achievement in the industry. With its high energy density and impressive range, the Nio 150kWh battery has the potential to drive greater demand for Nio vehicles and contribute to the company's financial success. However, the high price of the battery and Nio's current business model pose challenges that the company will need to overcome in order to fully capitalize on this groundbreaking development.
