Chinese EV maker Nio to make self-developed battery packs from 2024

Chinese electric-car maker Nio said that in 2024 it will start making high-voltage battery packs that it has developed itself, as part of a drive to improve profitability and competitiveness to take on rivals such as Tesla.

Nio, plans to start producing an 800-volt battery pack in the second half of 2024, its chairman William Li told analysts on a call. Most electric vehicles operate with 400-volt batteries while Porsche’s  Taycan electric cars are powered by 800-volt lithium-ion battery packs, which recharge faster.

Li said Nio plans to use self-produced battery packs for its new mass-market marque, which is expected be ready for sale in the second half of 2024. These new models are expected to be priced around 200,000 to 300,000 yuan ($30,000-$45,000), he added.

Nio forecast deliveries of between 23,000 and 25,000 vehicles in the quarter ending June 30, down from 25,768 in the first quarter, reflecting a general drop in production by major automakers as a result of a two-months long COVID-19 lockdown in Shanghai.

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