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Nio Expected To Unveil Its Power Plan Next Week In Shanghai

Chinese electric vehicle maker Nio Inc. (NYSE: NIO) will unveil its new NIO Power plan along with the first official interior reveal of its ET7 sedan at the 19th Shanghai International Automobile Industry Exhibition next week, cnEVpost reported Wednesday.

What Happened: In addition to the new power plan, Nio will unveil a series of initiatives and service solutions such as the NIO Life Blue Sky Lab power service solution, according to the report. The Shanghai auto show kicks off on April 19.

Nio will also reportedly debut the interior of its ET7 sedan, its fourth mass-production vehicle, at the auto show. The company currently sells three SUV models, namely ES6, ES8 and EC6.

Nio’s line-up that will be presented this year at the auto show includes the EP9, one of the fastest electric supercars. In addition, the company will exhibit its latest battery swapping technology at the show, as per the report.

See Also: Is Chinese Giant Automaker Geely Joining Hip Rivals Nio, Xpeng, Li With US Listing?

Why It Matters: Nio is relying on service offerings to make an impact on customers in China. The company has pioneered the concept of battery-as-a-service that would allow users to rent a battery instead of purchasing one, helping to trim the cost for EV owners.

At the NIO Day in January this year, Nio unveiled its second-generation battery swap station, which can accommodate 13 batteries and has a daily capacity of up to 312 swaps. Nio aims to have 500 battery swap stations in operation nationwide by the end of this year.

It was reported earlier this week that Nio confirmed its long-awaited partnership with oil giant China Petroleum & Chemical Corporation (NYSE: SNP) or Sinopec, on setting up battery swap stations at Sinopec’s gas filling stations.

In a blog post last September, Nio announced the launch of a new charging service plan named “Power Up Plan” and welcomed partners to jointly deploy 20 kW DC chargers in popular tourist, commercial and recreational destinations in China to expand the fast-charging service network

Price Action: Nio shares closed almost 3.8% lower on Wednesday at $37.02, but rose almost 0.4% in the after-hours session to $37.16.

Read Next: Can Nio Stock Go From $40 to $400 In 18 Months?

Photo: Courtesy of Nio

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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