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NIO co-founder and president Qin Lihong was on-site for the opening of that NIO House.
NIO (NYSE: NIO) today opened its second NIO House in Germany, as it steadily moves forward with its efforts to tap the European market.
The new NIO House is centrally located in Frankfurt's Groβe Eschenheimer StraBe, between the traditional old town and the city's business district, according to information shared by the European version of the NIO App.
Opposite this NIO House is the Eschenheimer Tor square with the Eschenheimer Tower, a Frankfurt landmark.
The showroom offers relaxation, culture, enjoyment, knowledge and business functions under one roof of more than 1,600 square meters.
Users can see current NIO models in the gallery, experience living room concerts with musicians from all over Germany, or participate in forums.
NIO co-founder and president Qin Lihong was present for the opening of the NIO House, according to information shared by the company's source.
The NIO House is open from Monday to Saturday from 10:00 to 19:00.
NIO Houses is the flagship showroom of NIO, and the company's showrooms in China also include the smaller NIO Spaces.
NIO House is much more than just a space to display and sell vehicles, it is a space for NIO to provide owners with a quality lifestyle.
On October 1, 2021, NIO opened its first NIO House in Norway, its first such facility in Europe.
On December 16, 2022, the company opens its first NIO House in Germany, located on Kurfurstendamm in Berlin.
NIO Germany General Manager Ralph Kranz introduces now the different areas of the #NIOHouseFrankfurt to the audience.
pic.twitter.com/uUan2J37R0
— Afonso (@AfonsoEV_) March 30, 2023
Immediately following the opening of NIO's NIO House in Frankfurt, the company will begin deliveries of the ET5 sedan in Germany on Friday.
March 31 is the official delivery date for the NIO ET5 in Germany, and NIO is using it as an opportunity to launch the ET5 first mover campaign, in which the first consumers to receive a NIO ET5 delivery will get special equipment worth 1,800 euros for free, according to an article in the European version of the NIO App yesterday.
Here are more pictures of the NIO House in Frankfurt shared by NIO App.
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NIO said it hopes to strengthen its relationships with partners to help it reach its plan to add 1,000 battery swap stations in 2023. | NIO US | NIO HK | NIO SG
(Image credit: NIO)
NIO (NYSE: NIO) yesterday made its third-generation battery swap station a real-life debut in Haikou, Hainan, but perhaps a more important move was its gathering with hundreds of partners in the city.
The company's energy division, NIO Power, held a partner conference in Haikou on March 28 with more than 300 attendees to discuss energy development, Shen Fei, the division's senior vice president, said in a post on the NIO App yesterday.
NIO hopes to strengthen its relationships with partners to help it reach its plan to add 1,000 battery swap stations in 2023 and to strengthen the foundation for ongoing collaboration, the article said.
The company's plan to add 1,000 battery swap stations and 10,000 charging piles this year will require the full support of its partners, the article reads.
William Li, founder, chairman and CEO of NIO, shared the growth of NIO Power and mentioned that China's new energy passenger vehicle penetration rate reached 27.6 percent in 2022, three years ahead of the national goal of seeing that figure reach 25 percent by 2025.
Located next to the Shangri-La Hotel in Haikou, NIO's first third-generation battery swap station and 500 kW ultra-fast charging station made its offline debut, the article reads.
Here's a video of the event from the article.
NIO originally planned to add 400 battery swap stations in China this year, a goal that was raised to 1,000 a month ago.
"We have set a new target and decided to add 1,000 battery swap stations in 2023, accumulating more than 2,300 stations by the end of 2023," Li said in a February 21 article posted on the NIO App.
NIO began the year with a noticeable slowdown in battery swap station construction, perhaps in anticipation of a ramp-up in the capacity of third-generation stations.
NIO has added only 20 battery swap stations in China so far this year, bringing the latest total to 1,325, according to data monitored by CnEVPost.
NIO's third-generation battery swap stations are expected to be ready for mass production in April, and deployment will pick up speed in May, Li said last month.
Starting in June, NIO will maintain a construction rate of 120-150 battery swap stations per month, he said.
NIO reveals aggressive plan to add 1,000 swap stations in 2023
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Tibber enables users to track their energy usage and allows EVs to charge when electricity prices are lowest. | NIO US | NIO HK | NIO SG
(Image credit: NIO)
NIO's (NYSE: NIO) vehicles support charging just like any other electric vehicle (EV), in addition to having access to a fully charged battery via battery swap. Now the Chinese EV maker has entered into a new partnership in Europe to make the charging experience better.
NIO has partnered with Norwegian smart energy provider Tibber to give European owners access to some of the benefits the latter offers, according to an article published yesterday in the European version of the NIO App.
NIO customers in Norway, Germany, Sweden and the Netherlands who have a dynamic power contract with Tibber can easily connect their NIO vehicles to Tibber's app, the article said.
Tibber offers a range of services, including the Tibber App, that let customers track their energy use, find real-time energy prices and control the charging of their electric vehicles -- at best, when electricity prices are at their lowest, according to the article.
Smart charging with Tibber can be used with any wallbox, such as NIO's Power Home 3.0, the article said.
(Image credit: CnEVPost)
"Once you set up the 'Smart Charging' feature within the Tibber App, your NIO will be charged fully automatically exactly in the hours when the electricity is cheapest," the article reads.
Tibber was founded in 2016 and focuses on using technology to help customers save energy and money.
The partnership with Tibber is the latest NIO partnership in Europe related to EV energy replenishment.
Last December 8, EnBW, Germany's largest fast-charging network operator, announced that it had entered into a partnership with NIO in which the EV maker would build up to 20 battery swap stations at its charging parks.
NIO entered Norway in 2021 and last October expanded its presence in Europe to include Germany, the Netherlands, Sweden and Denmark.
NIO to install 20 swap stations at German firm EnBW's charging parks
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Tibber enables users to track their energy usage and allows EVs to charge when electricity prices are lowest. | NIO US | NIO HK | NIO SG
(Image credit: NIO)
NIO's (NYSE: NIO) vehicles support charging just like any other electric vehicle (EV), in addition to having access to a fully charged battery via battery swap. Now the Chinese EV maker has entered into a new partnership in Europe to make the charging experience better.
NIO has partnered with Norwegian smart energy provider Tibber to give European owners access to some of the benefits the latter offers, according to an article published yesterday in the European version of the NIO App.
NIO customers in Norway, Germany, Sweden and the Netherlands who have a dynamic power contract with Tibber can easily connect their NIO vehicles to Tibber's app, the article said.
Tibber offers a range of services, including the Tibber App, that let customers track their energy use, find real-time energy prices and control the charging of their electric vehicles -- at best, when electricity prices are at their lowest, according to the article.
Smart charging with Tibber can be used with any wallbox, such as NIO's Power Home 3.0, the article said.
(Image credit: CnEVPost)
"Once you set up the 'Smart Charging' feature within the Tibber App, your NIO will be charged fully automatically exactly in the hours when the electricity is cheapest," the article reads.
Tibber was founded in 2016 and focuses on using technology to help customers save energy and money.
The partnership with Tibber is the latest NIO partnership in Europe related to EV energy replenishment.
Last December 8, EnBW, Germany's largest fast-charging network operator, announced that it had entered into a partnership with NIO in which the EV maker would build up to 20 battery swap stations at its charging parks.
NIO entered Norway in 2021 and last October expanded its presence in Europe to include Germany, the Netherlands, Sweden and Denmark.
NIO to install 20 swap stations at German firm EnBW's charging parks
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NIO is on track to reach its guidance, with 9,199 vehicles registered in the past four weeks.
Insurance registrations for new energy vehicles (NEVs) in China continued to increase last week compared to the previous week, although the performance of major automakers was mixed.
For the week ending March 26, insurance registrations for all passenger vehicles in China were 400,400 units, up 37.64 percent year-on-year and up 29.02 percent from the previous week, according to information shared today by several auto bloggers on Weibo and WeChat groups.
Among them, the number of traditional internal combustion engine vehicles was 272,100, up 43.50 percent year-on-year and up 37.64 percent from the previous week.
Insurance registrations for NEVs were 128,300, up 26.63 percent year-on-year and up 13.89 percent from the previous week. This means that the penetration rate of NEVs was 32 percent last week.
BYD (OTCMKTS: BYDDY) NEVs registered 43,490 units last week, up from 38,414 units the week before. In the first and second weeks of March, BYD's numbers were 38,932 and 37,141 units, respectively.
Tesla (NASDAQ: TSLA) saw 15,886 units for the week, down from 18,712 units the week before. Insurance registrations for Tesla vehicles in China were 13,266 and 17,032 in the first and second weeks of March, respectively.
This means that over the past four weeks, Tesla vehicles have had 64,896 insurance registrations in China.
If Tesla vehicles register the same number of insurance units this week as last week, it may deliver a record number of vehicles in China in March, surpassing the 77,938 units delivered in June 2022.
Tesla has a factory in Shanghai that makes the Model 3 and the Model Y. Its pattern is to produce cars for export in the first half of the quarter and for the local market in the second half.
NIO (NYSE: NIO) vehicles had 1,909 insurance registrations last week, up from 1,775 the week before. The company's insurance registration figures for the first and second weeks of March were 3,345 and 2,170, respectively.
NIO guided earlier this month for first-quarter deliveries of between 31,000 and 33,000 vehicles, meaning that March deliveries are expected to be between 10,337 and 12,337.
NIO is on track to meet its guidance, with 9,199 vehicles registered for insurance in the last four weeks, although the first week of March included the last two days of February.
XPeng (NYSE: XPEV) vehicles had 1,564 insurance registrations last week, up from 1,296 the previous week. The number was 1,421 and 1,635 in the first and second weeks, respectively, for a four-week total of 5,916 vehicles.
XPeng previously guided for first-quarter vehicle deliveries of 18,000 to 19,000 units, meaning March deliveries are expected to be between 6,772 and 7,772 units.
Li Auto (NASDAQ: LI) vehicles saw 5,081 insurance registrations last week, down from 5,438 the week before. It posted figures of 3,222 and 4,243 for the first and second weeks of March, respectively, for a four-week total of 17,984 vehicles.
Li Auto guided for first-quarter deliveries of 52,000 to 55,000 vehicles, implying a year-on-year increase of 64.0 percent to 73.4 percent.
Li Auto's guidance of 52,000 to 55,000 vehicles for the first quarter implies March deliveries are expected to be 20,239 to -23,239 vehicles.
Neta had 2,934 insurance registrations last week, and its numbers for the first three weeks of March were 4,109, 988, and 515, respectively.
Zeekr was at 1,214 units last week, and that figure was 1,814, 1,043, and 913 units in the first three weeks.
China NEV insurance registrations for week ending Mar 19: BYD 38,414, Tesla 18,712, NIO 1,775
| Wk | BYD | Tesla | NIO | XPeng | Li Auto | BMW | Zeekr | Neta | Leapmotor | NEV | All |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 03/20-03/26 | 43,490 | 15,886 | 1,909 | 1,564 | 5,081 | 1,214 | 2,934 | 128,300 | 400,400 | ||
| 03/13-03/19 | 38,414 | 18,712 | 1,775 | 1,296 | 5,438 | 1,847 | 913 | 515 | 689 | 112,650 | 310,341 |
| 03/06-03/12 | 37,141 | 17,032 | 2,170 | 1,635 | 4,243 | 1,486 | 1,043 | 988 | 522 | 107,767 | 308,726 |
| 02/27-03/05 | 38,932 | 13,266 | 3,345 | 1,421 | 3,222 | 1,663 | 1,814 | 4,109 | 515 | 116,238 | 345,340 |
| 02/20-02/26 | 39,473 | 10,705 | 3,357 | 1,685 | 5,387 | 1,792 | 1,855 | 2,152 | 401 | 111,983 | 331,238 |
| 02/13-02/19 | 37,026 | 5,913 | 3,174 | 1,463 | 4,238 | 2,271 | 1,443 | 1,038 | 329 | 100,408 | 303,101 |
| 02/06-02/12 | 31,417 | 6,963 | 3,045 | 1,396 | 4,062 | 682 | 547 | 1,170 | NA | 85,572 | 280,741 |
| 01/30-02/05 | 24,280 | 8,643 | 1,948 | 975 | 2,240 | 593 | 554 | 3,964 | 114 | 69,692 | 267,843 |
| 01/23-01/29 | 5,280 | 3,356 | 427 | 210 | 990 | NA | 89 | NA | NA | 17,945 | 92,600 |
| 01/16-01/22 | 24,708 | 7,496 | 3,008 | 1,068 | 4,903 | NA | 657 | NA | NA | 67,500 | 330,400 |
| 01/09-01/15 | 40,420 | 12,654 | 2,963 | 1,817 | 4,527 | 2,687 | 1,359 | 420 | 237 | 99,041 | 438,000 |
| 01/02-01/08 | 35,924 | 2,110 | 2,818 | 1,551 | 3,704 | 2,103 | 1,511 | 238 | 80 | 77,000 | 290,000 |
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Starting in June, NIO will basically keep building 120-150 battery swap stations per month, William Li previously said. | NIO US | NIO HK | NIO SG
(Image credit: NIO)
NIO (NYSE: NIO) today gave its third-generation battery swap station its real-life debut in a test run, though it didn't go live as previously teased.
The next-generation station made its debut today next to a hotel in Haikou, in China's southernmost province of Hainan.
Executives including William Li, founder, chairman and CEO of NIO, and Shen Fei, senior vice president of NIO Power, were present for the introduction of the trial run.
(A screenshot of a live video shows NIO CEO William Li introducing the company's third-generation battery swap station in Haikou.)
NIO's third-generation battery swap station, unveiled at the NIO Day 2022 event on December 24, 2022, is capable of storing up to 21 battery packs, up from 13 for its predecessor generation and 5 for the first generation of the facility.
The latest facility increases the daily service capacity of a single station to 408, a 30 percent increase over the second generation.
Notably, some of NIO's third-generation battery swap stations will be equipped with two LiDARs and two Nvidia Orin chips, for a total computing power of 508 TOPS.
NIO announced plans to add 400 battery swap stations in 2023 late last year, but that plan was raised to 1,000 a month ago.
Li said on February 21 that the company will further accelerate the deployment of battery swap stations, aiming to have a cumulative total of more than 2,300 battery swap stations by the end of 2023.
Production of NIO's third-generation battery swap stations was well underway, with mass production expected to begin in April and deployment accelerating in May, Li said at the time.
Starting in June, NIO will basically maintain a construction rate of 120-150 battery swap stations per month, he said.
On March 20, NIO said in an article posted on the NIO App that the first 10 third-generation battery swap stations would go live on March 28.
However, this has not become a reality, and NIO's current plans appear to be consistent with the previous schedule.
NIO has already built some third-generation battery swap stations in cities including Beijing and Shanghai, although they have not yet been officially put into operation.
On March 23, CnEVPost visited NIO's delivery center in Jiading, Shanghai, where there is a third-generation battery swap station with the same exterior design as the previous two generations. The delivery center, NIO's largest in the world, opened on January 1.
(A third-generation battery swap station at NIO's delivery center in Nanxiang, Jiading, Shanghai. Image credit: CnEVPost)
Of the 1,000 battery swap stations NIO plans to add in 2023, about 900 will be third-generation facilities, NIO Power's Shen said at a media event last week.
The cost of equipment for NIO's three generations of battery swap stations is not very different, but the average cost per battery compartment has dropped significantly as service capacity has increased, Shen said at the time.
To date, the number of spare batteries in all of NIO's battery swap stations is roughly 11,000 to 12,000, Shen said in response to a question from CnEVPost.
NIO has added only 20 battery swap stations in China so far this year, bringing the total number of facilities to 1,325 so far, according to data monitored by CnEVPost.
The slowdown appears to be because NIO is waiting for the third generation of the facility to ramp up its capacity.
NIO reveals aggressive plan to add 1,000 swap stations in 2023
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Wait times for both the NIO ES7 and ET5 are now around 3 weeks, compared to 4-6 weeks and 3-4 weeks respectively. | NIO US | NIO HK | NIO SG
(From left to right: EC7, EC6, ET7, ET5. Screenshot on March 28.)
NIO's (NYSE: NIO) ES7 SUV and ET5 sedan have slightly shorter wait times in China, after the expected delivery dates for the two models became longer half a month ago.
The NIO ES7 now has an expected delivery date of about 3 weeks, down from the previous 4-6 weeks, information from the NIO App monitored by CnEVPost shows.
NIO ET5 also has a current expected delivery date of about 3 weeks, down from 3-4 weeks previously.
On March 14, the wait time for the ES7 went from about 3 weeks to 4-6 weeks, and the ET5 went from 2-3 weeks to 3-4 weeks.
NIO App is currently showing eight models, including the ES8, ES6, and EC6 based on the NT 1.0 platform, and the new ES8, ES7, EC7, ET7, and ET5 based on the NT 2.0 platform.
The EC7 and the new ES8 were unveiled at NIO Day 2022 held on December 24, 2022, and deliveries will begin in May and June, respectively.
The wait time information is unchanged today for all models except for the ES7 and ET5.
The NIO App stopped showing the expected delivery time for the ET7 on March 13, and that information is still not displayed.
Late last night, a local media report said that the current NIO ET7 has been discontinued and its annual facelift may be unveiled during the Shanghai auto show next month.
The current ET7 has some minor interior issues, and the revamped version will be optimized and will also further enhance the quality of the interior, D1EV quoted a salesperson at an NIO store in Beijing as saying.
NIO is no longer accepting customized orders for the ET7, and consumers who buy the model now will only have the option of available stock cars, the report said.
(From left to right: All-new ES8, old ES8, ES7, ES6. Screenshot on March 28.)
NIO stops ET7 production, to launch facelift this year, report says
| Date | Model | Prev | Change | Latest |
|---|---|---|---|---|
| 03/28/23 | ET5 (NT 2.0) | 3-4 weeks | ↓ | About 3 weeks |
| 03/28/23 | ES7 (NT 2.0) | 4-6 weeks | ↓ | About 3 weeks |
| 03/14/23 | ET5 (NT 2.0) | 2-3 weeks | ↑ | 3-4 weeks |
| 03/14/23 | ES7 (NT 2.0) | About 3 weeks | ↑ | 4-6 weeks |
| 03/13/23 | ET7 (NT 2.0) | About 3 weeks | NA | Stop showing |
| 02/14/23 | ES7 (NT 2.0) | 3-4 weeks | ↓ | About 3 weeks |
| 02/14/23 | ET7 (NT 2.0) | 3-4 weeks | ↓ | About 3 weeks |
| 02/14/23 | ET5 (NT 2.0) | About 3 weeks | ↓ | 2-3 weeks |
| 02/6/23 | ET5 (NT 2.0) | 3-4 weeks | ↓ | About 3 weeks |
| 01/28/23 | ES7 (NT 2.0) | 2-3 weeks | ↑ | 3-4 weeks |
| 01/28/23 | ET7 (NT 2.0) | 2-3 weeks | ↑ | 3-4 weeks |
| 01/28/23 | ET5 (NT 2.0) | 7-9 weeks | ↓ | 3-4 weeks |
| 01/11/23 | ET5 (NT 2.0) | 8-10 weeks | ↓ | 7-9 weeks |
| 01/5/23 | ET5 (NT 2.0) | 9-11 weeks | ↓ | 8-10 weeks |
| 12/29/22 | ET5 (NT 2.0) | 10-12 weeks | ↓ | 9-11 weeks |
| 12/22/22 | ET5 (NT 2.0) | 12-14 weeks | ↓ | 10-12 weeks |
| 12/20/22 | ES7 (NT 2.0) | 4-6 weeks | ↓ | 2-3 weeks |
| 12/13/22 | ET5 (NT 2.0) | 13-15 weeks | ↓ | 12-14 weeks |
| 12/13/22 | ET7 (NT 2.0) | About 2 weeks | ↑ | 2-3 weeks |
| 12/13/22 | EC6 (NT 1.0) | About 2 weeks | NA | Stop showing |
| 12/2/22 | ET5 (NT 2.0) | 21-23 weeks | ↓ | 13-15 weeks |
| 11/25/22 | ES7 (NT 2.0) | 7-9 weeks | ↓ | 4-6 weeks |
| 11/25/22 | ET7 (NT 2.0) | 3-5 weeks | ↓ | About 2 weeks |
| 11/23/22 | ES8 (NT 1.0) | About 2 weeks | NA | Stop showing |
| 11/16/22 | ET7 (NT 2.0) | 4-6 weeks | ↓ | 3-5 weeks |
| 11/10/22 | ES8 (NT 1.0) | 2-3 weeks | ↓ | About 2 weeks |
| 11/10/22 | ES6 (NT 1.0) | 2-3 weeks | ↓ | About 2 weeks |
| 11/10/22 | EC6 (NT 1.0) | 2-3 weeks | ↓ | About 2 weeks |
| 11/3/22 | ES7 (NT 2.0) | 11-13 weeks | ↓ | 7-9 weeks |
| 11/3/22 | ET7 (NT 2.0) | 6-8 weeks | ↓ | 4-6 weeks |
| 11/3/22 | ES8 (NT 1.0) | 2-4 weeks | ↓ | 2-3 weeks |
| 11/3/22 | ES6 (NT 1.0) | 2-4 weeks | ↓ | 2-3 weeks |
| 11/3/22 | EC6 (NT 1.0) | 2-4 weeks | ↓ | 2-3 weeks |
| 10/31/22 | ES7 (NT 2.0) | 12-14 weeks | ↓ | 11-13 weeks |
| 10/31/22 | ES8 (NT 1.0) | 3-5 weeks | ↓ | 2-4 weeks |
| 10/31/22 | ES6 (NT 1.0) | 3-5 weeks | ↓ | 2-4 weeks |
| 10/31/22 | EC6 (NT 1.0) | 3-5 weeks | ↓ | 2-4 weeks |
| 10/21/22 | ES7 (NT 2.0) | 13-15 weeks | ↓ | 12-14 weeks |
| 10/21/22 | ET7 (NT 2.0) | 11-13 weeks | ↓ | 6-8 weeks |
| 10/21/22 | ET5 (NT 2.0) | 21-23 weeks | NA | Stop showing |
| 10/21/22 | ES8 (NT 1.0) | 4-6 weeks | ↓ | 3-5 weeks |
| 10/21/22 | ES6 (NT 1.0) | 4-6 weeks | ↓ | 3-5 weeks |
| 10/21/22 | EC6 (NT 1.0) | 4-6 weeks | ↓ | 3-5 weeks |
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A revamped version of the NIO ET7 is expected to be optimized for exterior and interior details and will likely be unveiled during the Shanghai auto show, according to a local media report.
(Image credit: CnEVPost)
NIO (NYSE: NIO) is rumored to have stopped production of its flagship sedan ET7, which would not be surprising if it turns out to be true, as the NIO App stopped showing the wait time for the model earlier this month after months of low deliveries.
The current NIO ET7 has been discontinued and its annual facelift will be launched within the year, local automotive media D1EV reported late last night, adding that a revamped version of the ET7 is expected to have optimized exterior and interior details and will probably be unveiled during the Shanghai auto show next month.
The current ET7 has some minor interior issues, and the revamped version will be optimized and will also further enhance the texture of the interior, the report said, citing a salesperson at an NIO store in Beijing.
There is no way to know what specific changes will be made, but the salesperson mentioned that the overall texture of the upgraded ET7's interior will be closer to that of the ES7, according to the report.
NIO is no longer accepting orders for customized models of the ET7, and consumers who buy the model now will only have the option of available stock cars, the report said.
As is NIO's practice, the company is expected to offer upgrade options for ET7 vehicles that have already been delivered, according to the report.
The NIO ET7, the company's first sedan, was launched at the NIO Day 2020 event on January 9, 2021, with deliveries beginning March 28, 2022.
In April 2022, the ET7's first full month of delivery, the sedan was ranked No. 10 on the China Passenger Car Association's (CPCA) list of premium sedans with a starting price above RMB 300,000 ($43,570) with 693 units sold at retail.
With increased capacity, ET7 sales continued to grow after deliveries began and reached a monthly high of 4,349 units in June 2022.
Deliveries of the ET7 remained around 3,000 units per month for the vast majority of the second half of last year, but the figures slipped to 1,379 units in December, missing the CPCA's top-tier sedan sales ranking for the first time.
In January and February of this year, NIO ET7 deliveries slipped further to 521 and 649 units respectively, according to data from the CPCA monitored by CnEVPost.
On March 1, when asked on an earnings call whether the ET7 would have a revamped version this year, William Li, NIO's founder, chairman, and CEO, did not give a positive answer but said that the company had been working on the product iterations and improvements and that it would communicate in a timely manner.
Long-time NIO follower @肉肉爸比ev hinted on March 10 on Weibo that a revamped version of the ET7 is not far from launch.
On March 13, the NIO App stopped showing the expected delivery time for the ET7, previously the wait time for the model was about 3 weeks.
($1 = RMB 6.8851)
NIO App no longer shows ET7 wait time as talk of revamped model heats up
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Wencan aims to supply products from near NIO's plants by 2025, and the two companies will work together to arrange capacity expansion plans. | NIO US | NIO HK | NIO SG
(Image credit: CnEVPost)
NIO (NYSE: NIO) has entered into a strategic partnership with yet another auto parts giant that will provide supply support near its plants.
One-piece die-casting parts supplier Wencan Group signed a five-year strategic cooperation framework agreement with NIO on March 26, according to an exchange announcement today from the Shanghai-listed company.
The two companies will collaborate on supply, low carbon, digitalization and globalization to achieve supply support around NIO's Hefei plants, according to the announcement.
Wencan and NIO will also collaborate in depth on lightweight research and development of integrated die-casting structural parts for the body and new material applications.
The two will also explore all-round cooperation in products including integrated battery boxes, core electric vehicle components and automotive chassis, according to the announcement.
Wencan aims to supply products near the NIO plants by 2025, and the two companies will work together to arrange capacity expansion plans, including investing in new production lines, or building new production sites, to ensure smooth production and delivery of NIO projects, the announcement said.
Wencan will also use its global presence to provide full support to NIO's international business and to provide full support to the electric vehicle company's global R&D and product validation, according to the announcement.
NIO will promote Wencan's casting business to its partners and will explore cooperation in other business areas, the announcement said.
The two will also cooperate deeply on business car purchases and employee car purchases.
Wencan is one of China's best-known suppliers of integrated die-casting parts and a core supplier of structural body parts to NIO, according to the team led by Cui Yan, an analyst at local brokerage firm Huaxi Securities.
Wencan's parts are used in NIO's entire lineup of models, and the average value of its parts used per NIO vehicle is more than RMB 3,000, Cui's team said in a March 17 research note.
Most automakers won't adopt Tesla's model of using one-piece die-casting machines on their own because it requires a large investment and the scale effect is less than that of third-party suppliers, the team said.
On October 26, 2022, Wencan announced plans to raise up to RMB 3.5 billion through a private placement, of which RMB 1 billion will be used to build a parts manufacturing project in Anhui province.
Wencan plans to build a plant in Lu'an, Anhui province, which will help better serve customers including NIO and BYD, Cui's team said.
The new agreement with Wencan is the second NIO has signed with the parts giant so far this month.
On March 16, Tesla's parts supplier Ningbo Tuopu Group announced that it had signed an agreement with NIO to establish a strategic partnership for the development, manufacture and supply of NEV parts and components.
One of the goals of the partnership between the two is for Ningbo Tuopu to provide parts supply near NIO's factories in Hefei, according to the announcement.
Tesla parts supplier Ningbo Tuopu signs cooperation deal with NIO
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