SHANGHAI (Reuters) – Chinese electric-car maker Nio mentioned that in 2024 it can begin making high-voltage battery packs that it has developed itself, as a part of a drive to enhance profitability and competitiveness to tackle rivals akin to Tesla.
Nio, plans to begin producing an 800-volt battery pack within the second half of 2024, its chairman William Li informed analysts on a name on Thursday.
Most electrical automobiles function with 400-volt batteries whereas Porsche’s Taycan electrical vehicles are powered by 800-volt lithium-ion battery packs, which recharge sooner.
Li mentioned Nio – which has over 400 staff engaged on the analysis and growth of battery applied sciences – additionally plans to use a mixture of self-produced and externally sourced batteries in the long term, a plan comparable to Tesla’s.
Li mentioned Nio plans to use self-produced battery packs for its new mass-market marque, which is anticipated be prepared on the market within the second half of 2024. These new fashions are anticipated to be priced round 200,000 to 300,000 yuan ($30,000-$45,000), he added.
Nio mentioned battery prices would have risen within the second quarter after the renewal in April of an settlement with its sole battery provider CATL.
The firm mentioned on Thursday its web loss narrowed to 1.8 billion yuan within the first quarter from 4.9 billion a 12 months earlier.
But Nio forecast deliveries of between 23,000 and 25,000 automobiles within the quarter ending June 30, down from 25,768 within the first quarter, reflecting a normal drop in manufacturing by main automakers because of a two-months lengthy COVID-19 lockdown in Shanghai.
U.S.-listed shares of Nio, which closed down 7.7% on Thursday, have misplaced 44% of their worth to date this 12 months.
($1 = 6.6796 Chinese yuan renminbi)
(Reporting by Zhang Yan, Brenda Goh; Editing by Simon Cameron-Moore)
