NIO (car company)

NIO (Chinese: 蔚来; pinyin: Wèilái) is a Chinese multinational automobile manufacturer headquartered in Shanghai, specializing in designing and developing electric vehicles. The company is also involved in the FIA Formula E Championship, although NIO has ended funding the team after selling to Lisheng Racing.[4]

NIO Inc.
TypePublic
NYSE: NIO ADR
ISINUS62914V1061
IndustryAutomotive
FoundedNovember 2014 (2014-11)
Headquarters,
China
Number of locations
5
Area served
[1]
Key people
Revenue CN¥16.258 billion (2020)[2]
CN¥−4.608 billion (2020)[2]
CN¥−5.611 billion (2020)[2]
Total assets CN¥46.207 billion (2020)[2]
Total equity CN¥27.171 billion (2020)[2]
Number of employees
7,000+ (2020)[3]
DivisionsNIO Formula E Team
Chinese name
Simplified Chinese上海蔚来汽车有限公司
Traditional Chinese上海蔚來汽車有限公司
Business name
Simplified Chinese蔚来汽车
Traditional Chinese蔚來汽車
Literal meaningSky-Blue Coming Motor Vehicles
Websitenio.com

Overview

In October 2016, NIO announced that it had been given an "Autonomous Vehicle Testing Permit" by the California DMV and it would begin testing on public roads under the "Autonomous Vehicle Tester Program" guidelines as part of its autonomous vehicle program. According to the company, it planned to launch vehicles with level-three and level-four autonomy.[5]

In May 2018, NIO opened its first battery swap station in the Nanshan District of Shenzhen, Guangdong, China, dubbed the "Power Swap Station".[6] Only batteries for ES8 cars would be available from this station.[7]

In September 2018, the company filed for a US$1.8 billion initial public offering on the New York Stock Exchange.[8]

In late April 2020, NIO announced approximately US$1 billion in new funding from a group of Chinese investors,[9] which was needed due to the company's struggles to sell its vehicles.[10] As part of the deal, NIO would transfer assets to a new subsidiary called NIO China, which will be headquartered in Hefei.[11]

In August 2020, NIO launched Battery as a Service (BaaS) and formed a battery asset management company in collaboration with Contemporary Amperex Technology Co., Limited ("CATL"), Hubei Science Technology Investment Group Co., Ltd. and a subsidiary of Guotai Junan International Holdings Limited. Each contributing roughly US$31.6 million (CN¥200 million) into the venture, for 25% equity. BaaS helps lower the purchase price of NIO electric vehicles by about 25%.[12]

In May 2021, NIO announced a Norway expansion plan, saying it would begin delivering cars to Norway by September 2021.[13] In the third quarter of 2021, NIO delivered 24,439 ES8, ES6, and EC6, a new quarterly record representing a growth of 100.2% year over year.[14]

On 22 February 2022, it was announced that NIO is planning to venture into China's smartphone market and preparing to make its own handsets. The company has formed a smartphone division in Shenzhen, and is hiring staff to expand the team. The move is preceded by similar plans to manufacture smartphones by automakers Geely and Volvo.[15]

Technology

NIO Pilot

NIO Pilot is the company's SAE level 2 semi-autonomous system that offers ADAS features. It launched with the introduction of NIO's ES8 model. Several over the air updates throughout 2018 and 2019 has enhanced NIO Pilot with features such as lane keeping, adaptive cruise control, lane departure warning, automatic emergency braking, highway pilot (NIO Navigate on Pilot, NNOP), traffic Jam assistance, auto lane change and more.[16]

NIO Pilot sensor suite consists of a trifocal forward camera, 5 radars, 12 ultrasonic sensors and a driver monitor camera.[17] NIO was the first automaker to launch a car model utilizing Mobileye's EyeQ4 vision chip.[18]

Aquila

In November 2019, NIO announced a partnership with Mobileye to develop a consumer car equipped with Mobileye's complete Level 4 self-driving system called Aquila that could be sold to consumers by 2022.[19]

Divisions

NIO Life

NIO Life is the company's clothing collection, made in collaboration with Hussein Chalayan.[20]

NIO Service

NIO Service is the company's network of service centers.[21]

NIO Power

NIO Power is the company's network of battery swap stations, power mobile, power home and super chargers. NIO has 122 Swap Stations around China, including 18 battery swap stations along the G4 Expressway in China.[22]

Vehicles

Current models

Model name Photo Specifications
EP9

Body style: Coupe

Class: Sports car (S)

Doors: 2

Seats: 2

Motor: Indirectly water-cooled electric motors

Production: 2016–present

EC6

Body style: SUV

Class: Mid-size (J)

Doors: 5

Seats: 5

Battery: Lithium-ion battery

Production: 2020–present

ES6

Body style: SUV

Class: Mid-size (J)

Doors: 5

Seats: 5

Battery: Lithium-ion battery

Production: 2019–present

ES8

Body style: SUV

Class: Full-size (J)

Doors: 5

Seats: 6

Battery: Lithium-ion battery

Production: 2018–present

ET7

Body style: Sedan

Class: E-segment/ Full-size

Doors: 4

Seats: 5

Battery: Lithium-ion battery

Production: 2021–present (deliveries started in March 2022[23])

Upcoming models

Model name Photo Specifications
EF9

Body style: Minivan

Class: (M) Minivan

Doors: 5

Seats: 7/8

Battery: Lithium-ion battery

Production: 2022 (to commence)

ES7

Body style: SUV

Class: (J) Mid-size Doors: 5

Seats: 5

Battery: Lithium-ion battery

Production: 2022 (to commence)

ET5

Body style: Sedan

Class: D-segment/ Mid-size

Doors: 4

Seats: 4

Battery: Lithium-ion battery

Production: 2021 (to commence)

Concept models

Model name Photo Specifications
ET Preview

Body style: Sedan

Class: (E) Full-size

Doors: 4

Seats: 4

Battery: Lithium-ion battery

Production: 2019 (previewed ET7)

Eve

Body style: Station wagon

Class: (C) Compact autonomous vehicle

Doors: 2

Seats: 4

Battery: Lithium-ion battery

Production: 2017 (previewing a possible upcoming model)


Battery swapping

Battery swapping was first available on the NIO ES8

Unlike Tesla, which has tried battery swapping but has never deployed it on a large scale and relies instead on its Supercharger network, NIO has built a functioning network of 700 battery-swap stations that covers several thousand kilometers of Chinese expressways.[24]

The first phase was installing 18 battery-swap stations in 14 different locations along the G4 expressway, a 2,273-kilometre-long (1,412 mi) road connecting Beijing (the national capital) with the Pearl River Delta (world's largest urban area[25] where Hong Kong and Shenzhen are located). This was completed in November 2018.[22]

The second phase consisted of installing battery-swap stations in 8 locations along the G2 expressway, a 1,212-kilometre-long (753 mi) road connecting Beijing with Shanghai. This phase was completed in January 2019.[26]

As of August 2020, NIO has built 143 battery swap stations across 64 cities in China, and completed over 800,000 battery swaps for its customers.[27]

These battery swapping stations have a reported swapping time of five minutes.[28]

On 24 March 2021, NIO completed its 2 millionth battery swap in the city of Suzhou. It has also deployed 193 battery swapping stations, 134 supercharging stations, and 327 destination stations across China.[29]

On 10 December 2021, NIO installed its 700th battery swap station in China, hitting its annual target ahead of schedule, NIO's second-generation battery swap station allows the vehicle to automatically park into the station, with which users can experience a three-minute battery swap while staying inside the vehicle. So far, NIO has provided over 5.3 million swaps to users in China. Battery swapping has become one of the favorite power solutions among NIO users.[30]

As of 29 January 2022, NIO has 828 battery swap stations in China, and had opened its first swap station in Europe, located in Norway, with plans to expand to 4 in Oslo and more in other cities.[31]

Sales

Calendar year ES6 ES8 EC6 Total Notes
2018 0 11,348 0 11,348
2019 11,433 9,132 0 20,565
2020 27,945 10,861 4,922 43,728 Sales drop in early 2020 due to the COVID-19 pandemic
2021 x x x 91,429
Total x x x 167,070 *As of 31 December 2021[32]

On April 7, 2021, the company produced its 100,000th electric vehicle.[33]


Technologies

NOMI AI

NOMI, an artificial-intelligence technology, is one of the first in-car AI systems in production vehicles. NOMI can access navigation, control music, adjust cabin temperature, open or close windows, and take a selfie of cabin passengers.[34][35] localization is underway as overseas service deployed.[36]

Motorsport

Formula E

NIO have been participating in the ABB FIA Formula E since 2014, the inaugural season.

The NIO team is one of the original Formula E teams, originally competing under the name Team China Racing. Before the first season was completed, they rebranded as NEXTEV TCR. In this inaugural season, their main driver Nelson Piquet Jr became the FIA Formula E Driver's Champion, after winning two races in Long Beach and Moscow. The team was only able to achieve fourth in the constructor's championship though, in part due to a rotating line-up of second drivers that didn't achieve as consistent level of success as Piquet.

From season 2 onwards, Formula E opened up car development, with teams creating their own powertrains. NIO used their own design NEXTEV powertrain, but it saw a downturn in the team's performance for the constructor's championship, as they finished only 9th in season 2, 6th in season 3 and 8th in season 4. By this point, the team had morphed through NEXTEV, NEXTEV NIO until renamed simply NIO. Season 5 would see the team's meagre successes diminish further, as they languished 11th and last in the championship.

For season 6 (2019–20) the team was sold on to Lisheng Racing and renamed NIO 333 Racing. For the first time since season 1, NIO did not provide their own powertrain for the car, instead using the previous year's Dragon powertrain. It was rebranded under NIO's name and they remained classified as a manufacturer. This didn't change the team's fortunes, as they would go on to have their worst ever season, with neither Oliver Turvey nor Ma Qinghua being able to score any points in 2020. In season seven NIO improved marginally, as whilst Turvey and new arrival Tom Blomqvist amassed a total of 19 points throughout the campaign, the squad still remained in last place.

NIO once again changed their driver line-up for the 2021–22 Formula E season, as Blomqvist made way for former Red Bull and Williams juNIOr Dan Ticktum.

World records

NIO set five records in their track-only EP9 for the fastest lap for an electric-powered car in the Nürburgring Nordschleife, Circuit Paul Ricard, Circuit of the Americas, and Shanghai International Circuit tracks.[37]

Controversies

Missing factory

In 2018, while NIO was preparing for an IPO, the company told investors that they were building a new factory in Shanghai.[38] Then in March 2019, NIO disclosed that the factory would never be built. According to former employees, construction had never started. Investors sued and accused NIO's promoters, which included Morgan Stanley and Goldman Sachs, of negligence in examining NIO's financial statements.

Self-driving fatality

In August 2021, Lin Wenqin, a 31-year-old Chinese man, was killed after his NIO ES8 collided with a construction vehicle.[39] NIO's self-driving feature is still in beta and cannot yet deal with static obstacles.[40] Though the vehicle's manual clearly states that the driver must take over when nearing construction sites, the issue is whether the feature was improperly marketed and unsafe. Lawyers of the deceased's family have also called into question NIO's private access to the vehicle, which they argue may lead to the data ending up forged.[41]

See also

References

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  2. "NIO Inc. Fourth Quarter and Full Year 2020 Financial Results". www.nio.com. Retrieved 2 March 2021.
  3. "NIO: About | LinkedIn". www.linkedin.com. Retrieved 2 March 2021.
  4. "NIO 333 Formula E Team reveals new Powertrain | Race Tech Magazine". Race Tech Magazine |. 15 October 2020. Retrieved 6 March 2021.
  5. "NIO - NextEV Issued Autonomous Vehicle Testing Permit in California". www.nio.io. Retrieved 11 May 2017.
  6. "NIO Opens First Battery Swap Station In Shenzhen". InsideEVs. Retrieved 29 May 2018.
  7. Mark Kane. "NIO announced that its first battery swap station - called the Power Swap Station - is now fully operational in the Nanshan Science and Technology Park, Shenzhen, China". Insidedeevs. Retrieved 9 May 2019.
  8. "Chinese electric carmaker filed for a $1.8B IPO in the US after selling 481 cars with 15000 backlog". The Hustle. 15 August 2018. Retrieved 22 August 2018.
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  10. Szymkowski, Sean (29 April 2020). "Chinese EV maker Nio nabs $1B lifeline". CNET.com. Archived from the original on 1 May 2020.
  11. Sun, Yilei; Goh, Brenda (28 April 2020). "Nio shares surge after it secures $1 billion investment". reuters.com. Archived from the original on 1 May 2020.
  12. NIO (20 August 2020). "NIO Inc. Announces Launch of Battery as a Service and Establishment of Battery Asset Company". Retrieved 17 October 2021 via globenewswire.com.
  13. Evelyn Cheng. "Nio plans to start delivering cars to Norway in September". Cnbc.com. Retrieved 11 April 2022.
  14. Transcribing, Motley Fool (10 November 2021). "NIO Inc. (NIO) Q3 2021 Earnings Call Transcript". The Motley Fool. Retrieved 6 December 2021.
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  17. "NIO Upgrades Autopilot System and Smart Operating System". EqualOcean. Retrieved 12 February 2020.
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  20. de Klee, Katie. "Nio and Hussein Chalayan launch clothing collection inspired by world's fastest electric car". De Zeen. Retrieved 24 April 2019.
  21. Lambert, not Tesla Fred. "NIO opens its first electric car service center right next to Tesla's". Electrek. Retrieved 24 April 2019.
  22. Lambert, Fred. "Nio deploys 18 battery swap stations covering 2,000+ km expressway". Electrek. Retrieved 24 April 2019.
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  25. World Bank Report Provides New Data to Help Ensure Urban Growth Benefits the Poor, The World Bank Group, 26 Jan 2015
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  33. "NIO Has Now Produced 100,000+ Electric Vehicles". CleanTechnica. 9 April 2021. Retrieved 11 April 2022.
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  39. "Believing too much in the words "automatic driving", the CEO of a Chinese startup company crashed into a construction vehicle in self-driving mode and died | T客邦". News Directory 3. 20 August 2021. Retrieved 17 February 2022.
  40. Rearick, Brenden; Aug 16, InvestorPlace Assistant News Writer; 2021; EST, 12:56 pm (16 August 2021). "NIO Stock: 10 Things to Know About the Fatal Crash Dragging Down Nio Today". InvestorPlace. Retrieved 17 February 2022.{{cite web}}: CS1 maint: numeric names: authors list (link)
  41. Ruffo, Gustavo Henrique (17 August 2021). "Nio's Autopilot, NOP, Faces Intense Scrutiny With First Fatal Crash in China". autoevolution. Retrieved 17 February 2022.
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