CLEVELAND (AP) — Kevin Porter Jr. is no longer a problem for the Cavaliers. Cleveland has agreed to trade the troubled forward to the Houston...
Chinese electric car brand NIO looks at expansion abroad
Economy & Business By: The Bullet Wire August 20th, 2020 5:30 am
BEIJING (AP) — Chinese electric car brand NIO plans to start expanding to Western markets next year and might export a battery-swapping service that could help it compete with rival Tesla, the company’s chairman said Thursday.
NIO, founded in 2014, pushed back foreign plans due to the coronavirus pandemic, William Li told reporters. He said the company is studying which market to start in and how to structure its operations.
“Hopefully, in the second half of next year, we can start some small batch exploration in countries where EVs are popular,” Li said. “We would like to start with European countries.”
NIO Inc. is the most prominent premium-priced Chinese brand in a crowded electric vehicle industry with dozens of competitors including startups, state-owned automakers and joint ventures with foreign partners.
The ruling Communist Party has promoted electrics with multibillion-dollar subsidies that have made China the biggest EV market, accounting for about half of global sales. Subsidies were due to end but have been extended through 2022 to help producers weather the pandemic.
NIO, whose early investors included Chinese tech giants Tencent, Baidu and Lenovo, has struggled financially, but Li said the company is more stable as sales improve.
The company lost $164 million in the quarter ending in June but said sales of its two SUV models, priced at up to 370,000 yuan ($53,000), rose to a record 10,331. A third model, a coupe, goes on sale in September.
Li said a potential competitive advantage is NIO’s service that allows owners to swap drained batteries instead of recharging them. The company has set up 143 battery-swap stations in cities including Beijing and Shanghai.
Li said that if NIO decides to offer that service in Western markets, it could help the company compete with Tesla in crowded cities such as New York and Chicago where owners park in the street or cannot set up a charging point at home.
“A lot of people need this battery swap because they cannot install a charger at home,” Li said.
NIO Inc.: www.nio.com
Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Featured & Breaking
TUSCALOOSA, Ala. (AP) — National champion Alabama has hired former Houston Texans head coach Bill O’Brien as offensive coordinator and quarterbacks coach. Crimson Tide coach...
LA QUINTA, Calif. (AP) — Brandon Hagy didn’t find out he was in the field at The American Express until three days before it started....
IOWA CITY, Iowa (AP) — Perhaps, coach Fran McCaffery said, his Iowa team got too comfortable. The fourth-ranked Hawkeyes came into Thursday night’s game against...
"Unless you believe we’re governed by shape-shifting space lizards — your darkest suspicions about how the world operates are likely an underestimate."
(The Intercept)- AS I READ The Devil’s Chessboard: Allen Dulles, the CIA, and the Rise of America’s Secret Government, a new book by Salon founder David...