NIO founder shares insights on future strategy for US-listed automaker

The founder and CEO of NIO shares insights on future strategy for U.S.-listed automaker.

NIO, the Chinese automaker, has an impressive booth at this year's Beijing Auto Show. Known for their premium smart electric vehicles, the automaker has also embarked on the development of battery-swapping stations as a unique alternative to traditional chargers.

In an interview with China Global Television Network (CGTN), William Li, the founder and CEO of NIO, gave a contextual explanation why NIO still invests in battery swapping, as plug-in chargers get faster, more efficient and more widely deployed.

He said that NIO has always prioritized the principles of being "rechargeable, replaceable, and upgradeable." As a brand, NIO takes pride in having the highest number of deployed chargers in China. Currently, NIO has 21,000 chargers across the country, all of which are accessible to the public. It's worth noting that a significant 80 percent of the electricity from its chargers has been utilized by users of other brands. But charging cannot be as fast as swapping. There are many advantages of battering swapping, such as better user experience.

Actually it saves money for drivers, also it saves a lot of resources for the society. So charging and swapping are not contradictory. They are suitable for different scenarios, Li continued.

Since last year, NIO has signed battery-swapping agreements with well-known car companies, such as Changan and Geely, as well as state-owned energy and power companies.

"Battery swapping is very suitable for Chinese users because most of China's urban families live in apartments. It's relatively difficult for them to install chargers at home. Their time costs of recharging is high. However, battery-swapping can give them an experience similar to filling up a traditional gas tank. It's very convenient. Now we are building a battery swapping network, and we are very happy that our efforts have been recognized by our industry partners. They are willing to expand this battery-swapping network with us and we are thrilled to get their support. In short, the battery-swapping network is getting better," he said.

In addition, he stressed that the company's revenue growth was faster than that of the entire EV market.

"Our share in the high-end market is still very stable, but it is undeniable that we invested a relatively large amount in research and development last year - 13.4 billion yuan (about 1.89 billion U.S. dollars). We also invested a lot in infrastructure. In 2023, we built more than 1,000 battery-swapping stations. With all these investments, plus the fierce competition in the market, there was still a gap between our gross profit and our expectations. We faced a loss. However, with the gradual release of our new products and the steady improvement of our gross profit margin, we believe that the loss will definitely narrow in the long run. We do have a very clear goal of making profit. We have a very clear route for that," he said.

NIO founder shares insights on future strategy for US-listed automaker

Heavy rain swept through the southern Chinese city of Nanning on Wednesday morning, disrupting traffic and local businesses, and leaving people stranded across the river in need of rescue.

The downpour prompted the city, capital of Guangxi Zhuang Autonomous Region, to issue its first red alert of the year -- the highest level in the four-tier rainstorm warning system.

Pedestrian footage revealed that a major avenue, Yinhai, was severely waterlogged, with water levels reaching up to 50 centimeters. The sudden deluge left roads impassable and disrupted local businesses.

Everything from electric bikes to trash bins was swept onto the road, a local resident described the chaos, adding that the rain intensified so suddenly that people could barely manage.

From 08:00 to 16:00, cities and counties across Guangxi recorded rainfall exceeding 100 millimeters, highlighting the severity of the storm. Liangqing District in Nanning received the highest rainfall, measuring 182.8 millimeters.

By afternoon, conditions improved slightly with main roads becoming passable. Drainage workers were clearing blocked storm drains along the avenue, while community staff and traffic police were managing intersections.

In the late afternoon, the Nanning Fire and Rescue Detachment responded to an emergency in Long'an County, where a resident was stranded on a riverbank due to the rising water levels.

The team deployed a rubber boat and used a tow rope for stabilization to rescue the individual, who had been caught off guard by the sudden flood while working across the river.

As of Wednesday evening, the red rainstorm warning had been lifted. However, potential light rain and thunderstorms are forecast for the next few days.

Heavy rainfall in Nanning triggers floods, disrupts traffic, leads to rescue