Nio said that it will begin manufacturing high-voltage battery packs that it has created in 2024, as part of a strategy to boost profitability and competitiveness in order to compete with Tesla.
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Nio, a Chinese electric vehicle manufacturer, said that it will begin producing high-voltage battery packs created in-house in 2024 as part of a push to enhance profitability and competitiveness to compete with Tesla.
On a conference call with investors on Thursday, Nio's chairman, William Li, said the company aims to start producing an 800-volt battery pack in the second half of 2024.
Most electric vehicles use 400-volt batteries. However, Porsche's Taycan electric cars use 800-volt lithium-ion battery packs, which recharge faster.
In the long term, Li added, Nio—which has over 400 staff working on battery research and development—wants to utilize a mix of self-produced and externally obtained batteries, similar to Tesla's strategy.
According to Li, Nio wants to employ self-produced battery packs for its new mass-market nameplate, which will be available in the second half of 2024. According to him, these new models are estimated to cost between 200,000 and 300,000 yuan ($30,000 and $45,000).
After renewing an arrangement with its single battery supplier, CATL, in April, Nio said battery prices would have increased in the second quarter.
The corporation announced on Thursday that its first-quarter net loss was 1.8 billion yuan, down from 4.9 billion a year ago.
However, Nio expects deliveries of between 23,000 and 25,000 vehicles in the second quarter, down from 25,768 in the first, indicating a widespread decline in output by major manufacturers due to the recession.
($1 = 6.6796 Chinese yuan renminbi)