JAKARTA - Chinese electric car maker Nio announced that in 2024 it will start manufacturing its own high-voltage battery pack. This program, as part of efforts to increase profitability and competitiveness to face competitors such as Tesla.
"Nio, plans to start producing 800-volt battery packs in the second half of 2024," Nio chairman William Li told analysts by telephone last week.
Most electric vehicles run on 400-volt batteries, while the current Porsche Taycan electric car is powered by an 800-volt lithium-ion battery, which can be recharged much faster.
Li said Nio - which has more than 400 employees working on battery technology research and development - also plans to use a combination of locally produced and externally sourced batteries in the long term. This is a plan similar to that of Tesla.
Li said Nio plans to use self-produced battery packs for its new mass market brand, which is expected to be ready for sale in the second half of 2024. The new models are expected to cost around 200,000 to 300,000 yuan (Rp 433 million - Rp 649 million).
Nio said battery costs would increase in the second quarter following an April renewal of a deal with sole battery supplier CATL.
The company said on Thursday its net loss narrowed to 1.8 billion yuan (Rp 3.9 trillion) in the first quarter from 4.9 billion (Rp 10.6 trillion) a year earlier.
But Nio expects shipments of between 23,000 and 25,000 vehicles in the quarter ended June 30, down from 25,768 in the first quarter, reflecting a general decline in production by major automakers as a result of Shanghai's two-month COVID-19 lockdown last month.
US-listed Nio shares, which closed down 7.7% on Thursday, have lost 44% of their value so far this year.
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