NIO

NIO is a Chinese EV manufacturer focusing on a battery-as-a-service model. The company has deployed a network of 700+ battery swapping stations in China. Instead of charging a built-in battery like in other EVs, discharged batteries of NIO vehicles can be swapped with charged ones at these stations. The removed battery will be then slow-charged at the station before being swapped for a discharged battery from another NIO vehicle. 

This model enables NIO to separate the vehicle from the battery. The customers can subscribe to a 70kWh battery at CNY 980 (USD 155) per month. This saves around CNY 70,000 (USD 11,000) compared with purchasing the car along with the battery. This also allows NIO to offer EVs at a much more competitive price point. The company’s latest Sedan (ET5), which was to be released in September 2022, was expected to come to the market at a starting price of CNY 258,000 (~USD 40,000) with a leased battery before government subsidies. The post-subsidy price of an entry-level Tesla Model 3 is around CNY 255,652 (~USD 40,000) in China.

NIO offers a range of electric SUVs and Sedans. The company’s operations are primarily in China, where it has sold 100,000+ vehicles (as of April 2021). NIO started deploying vehicles in Norway in September 2021. In October 2022 , the company also announced its plans to enter Germany, the Netherlands, Denmark, and Sweden, and plans to reach 25 countries by 2025 including the US. In August 2023 , NIO also completed the assembly of the world's first photovoltaic self-consumption system with a V2G (vehicle-to-grid) charger in Qilian Mountain National Park.

In September 2023 , NIO raised USD 1 billion in a two-tranche convertible bond. The company intended to use the funds to repurchase a portion of its existing debt securities, strengthen its balance sheet, and for general corporate purposes.

NIO reported revenue of USD 5.67 billion (+122.3% YoY) and an operating loss of USD 705.6 million (-2.4% YoY) in 2022. It raised USD 1 billion in an NYSE-IPO in September 2018.