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Chinese electric vehicle manufacturer Nio has pledged that changing batteries will play a key role in the challenge Tesla faces in the world’s largest car market, even after its US rivals have abandoned expensive technology.
Replacing the battery allows drivers to quickly charge another used battery at a specially equipped service station. In April, it partnered with New York-listed Nio-listed oil company Sinopec as part of plans to double the network of such stations across China this year.
Nio also plans to open battery exchange stations in Norway this year as part of its expansion into Europe.
“Many of our users tell us that battery swapping was the reason for choosing this car,” Shen Fei, Nio’s vice president of energy management, told the Financial Times, saying many drivers in Chinese cities do not have access to domestic electric vehicles. loading. “Battery exchange is the essence of our competitiveness.”
Nio is one of several Chinese manufacturers trying to compete for the position of a leader in the high-end electric vehicle market in the country of Tesla. U.S. group recently comes under pressure in China after turning to light management over a high-profile customer protest nightmarish advertising.
New York-based Nio-listed company Sinopec has partnered with oil companies this year as part of plans to more than double the network of such stations across China © Nio
China, the largest market for batteries and hybrid vehicles, is an industry focused on developing infrastructure to help charge at home and at stations.
Geely, China’s largest private automaker for sales, plans to build 100 exchange stations this year in the southern city of Chongqing before expanding facilities elsewhere in the country this year.
Beijing New Energy Vehicles, a state-owned automotive subsidiary of Baic Motors, targets electric taxi fleets and has 121 exchange stations.
Global interest in battery exchange has waned in recent years, in part due to high costs. Tesla ended its two-year trial of its swapping system in 2015 after a warm customer reception.
Technology has had strong support from Beijing. Last year, the government held a battery exchange to receive subsidies on electric vehicles priced at Rmb300,000 or more, in a move that benefited Nio.
The attractiveness of battery exchange for drivers reduces upfront costs. Nio launched a battery subscription option last year, allowing customers to purchase powerless cars, reducing the purchase price by about $ 10,000.
However, some analysts are not convinced, stating that the costs of building the stations are high. Tesla and others have argued that the fast charging systems developed are more efficient, considering the overall costs and the ability to charge multiple cars at the same time, even if it is slower than battery exchange.
The exchange of batteries for me and others depends on the use of stations and the lowering of operating costs through automation, said Deutsche Bank analyst Edison Yu.
Founded in 2014, Nio has previously struggled to build a battery exchange infrastructure. He said the cash flow crisis in 2019 was a far cry from the first targets for the exchange of 1,100 stations by 2020. The group resumed its expansion efforts after securing a $ 989 million state investment early last year.
Executive Shen Nio believes the battery exchange will help Chinese auto-producers open up an advantage to foreign competitors, and they are unlikely to adopt that technology. “Whether it’s the latest game in the industry or not, Chinese automakers want to win now,” he said.
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