NIO

NIO is a Chinese EV manufacturer focusing on a battery-as-a-service model. As of April 2024, the company had deployed over 2,300 battery swap stations across China and Europe, with plans to install a further 1,000 within the year. 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 either a standard 75 kWh battery or a long range 100 kWh battery. 

NIO also offers a range of electric SUVs and Sedans. The company’s portfolio ranges from the ES8 (six-seater SUV), the ES7/EL7 (five-seater SUV), the ES6/EL6 (five-seater SUV), the EC7 (five-seater coupe SUV), the EC6 (five-seater coupe SUV), the ET9 (executive sedan), the ET7 (sedan), the ET5 (mid-side sedan), to the ET5T (tourer).

As of April 2024, NIO has sold over 450,000 EVs, globally, with over 160,000 of these sold in China over 2023. Following its initial launch in China, 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.

Key customers and partnerships

In November 2023 , NIO partnered with Changan Automobile to develop standards for swappable batteries, construct a network dedicated to swapping batteries, and produce vehicles that accommodate swappable batteries. During the same month , the company also partnered with Geely on battery swapping technology.

In January 2024 , NIO partnered with Longi Green Energy Technology, a Chinese solar panel manufacturer, to incorporate solar panels into its battery swap stations to expand the use of photovoltaic power in EV charging. In the same month , the company partnered with Anhui Province Energy Group, Anhui Transportation Holding Group, and Wenergy Group to build 1,000 integrated battery swap stations. 

In February 2024 , the company signed a technology license agreement with Forseven Limited. This allows the latter to to use NIO’s existing and future technical information, technical solutions, software, and intellectual property rights of its smart EV platforms to carry out R&D, manufacturing, sales, import, and export of Forseven’s vehicle models. In March 2024 , NIO partnered with CATL to develop long-lasting EV batteries that can last up to 15 years. In October 2024, the company partnered with Monolith, ​​an AI software provider, to deploy AI technology to improve EV battery monitoring and performance. In the same month, NIO partnered with Abu Dhabi-based CYVN Holdings to form NIO MENA, a JV to expand into the Middle East and North African markets.

In November 2024, NIO partnered with Green Car to enter the Azerbaijan market and with Avatr Technology to provide access to charging networks across China.

Funding and financials

NIO’s latest funding was in December 2023 , when the company entered a share subscription agreement with CYVN Holdings, where the latter intended to invest an aggregate of USD 2.2 billion in cash to subscribe for 294,000,000 newly issued Class A ordinary shares at a per share purchase price of USD 7.50. NIO planned to invest the funds in core technologies and system capabilities.

Prior to this, 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. In July 2023 , NIO received a USD 738.5 million strategic equity investment from CYVN.

NIO was listed on NYSE in September 2018 and raised USD 1 billion. The company reported revenue of USD 7.8 billion and an operating loss of USD 3.2 billion in FY2023.