Top stories of NIO in 2020

Shanghai (Gasgoo)- In 2020, NIO, the most high-profile EV startup in China, delivered 43,728 vehicles, representing a year-on-year increase of 112.6%. Besides, the company also made continuous efforts into research and development of core technologies and business model innovation.

Let's step back and take a look at what's happened in 2020 at Tesla.

NIO, State Grid's subsidiary team up on construction of battery swapping stations

NIO and State Grid Electric Vehicle Service Co., Ltd. (State Grid EV Service), a wholly-owned subsidiary of China's mammoth electricity provider State Grid, signed on Dec. 14 a framework agreement for an in-depth cooperation on electric vehicle (EV) charging, battery swapping and energy services.

Under the agreement, two companies would strive to co-construct 100 battery swapping stations nationwide in 2021, aiming to make all charging and battery swapping facilities fully connected, improving energy supply experience for users, and further lowering TOC (total ownership cost) of EVs.

NIO's 100kWh battery offers NEDC range of 615km

On November 6, NIO launched its 100kWh battery pack that is able to provide a NEDC range of up to 615km for NIO models.

With over 300 patents filed and gained, the 100kWh battery features the CTP (cell-to-pack) technology jointly developed with CATL, which helps achieve 37% higher energy density, according to NIO. Thanks to the thermal propagation prevention design, the newly-launched battery realizes better thermal runaway management. Besides, the highly integrated design can streamline the manufacturing process by 40% and improves space utilization by 19.8%, and the all-climate thermal management can improve performance and extends the service life of the battery.

NIO China's headquarters launched in Hefei

NIO China's Hefei-based headquarters was officially put into operation on October 9, NIO announced via its Sina Weibo account, a Twitter-like social media platform in China.

The operation of NIO China's headquarters will press ahead with the strategic cooperation between NIO and Hefei. “NIO China will strive to help Hefei's NEV industry engaged in global competition and assist Hefei with building a world-class industrial cluster,” said William Bin Li, founder, chairman, and chief executive officer of NIO.

NIO announces Navigate on Pilot, new charging service at Auto China 2020

At the Auto China 2020, NIO, the most high-profiled Chinese EV startup, announced the upgrade of its smart operating system to NIO OS 2.7.0 and released the NOP (Navigate on Pilot), which is designed to automatically guides cars following the navigation route on ring roads and highways.

NIO said the NOP is China's first commercial application of HD map on the ADAS functionality of mass-produced vehicles, which can further improve NIO Pilot's performance.

At the same time, NIO announced its new Power Up Plan, which would provide a commitment of 100 million yuan ($14,654,590) subsidy for the deployment of 30,000 destination DC chargers. The 20kW DC chargers have officially joined the string of NIO's destination charging stations for the sake of a wider charging network across the country and a faster charging speed in certain scenarios.

NIO Inc.'s market value for the first time surpasses $20 billion

NIO Inc., the first Chinese EV startup going public on the New York Stock Exchange, saw its shares were up 19.17% closing at $17.84 on August 25 and its market value hit $21.131 billion, for the first time exceeding $20 billion.

The startup was starting to turn skeptics into believers after it was upgraded from “sell” to “neutral” by UBS.

According to a UBS note published on the same day, UBS raised NIO's price target to $16.30 from $1.00, representing a precipitous surge of 1,530%. The Swiss multinational investment bank said improving fundamentals at NIO have alleviated concerns around its balance sheet thanks to a successful capital raise in June.

NIO launches Battery-as-a-Service, announces foundation of battery asset company

NIO formally launched on August 20 the BaaS (Battery-as-a-Service) service, which allows customers to buy electric vehicles and subscribe the usage of battery packs separately.

The service renders the cost of using an EV more affordable. If users decide to purchase a NIO's vehicle and subscribe to use the 70kWh battery pack under the BaaS model, they can enjoy the vehicle purchase price with a 70,000 yuan ($10,114) deduction off the original price and pay a monthly fee of 980 yuan ($142) for the battery pack. Meanwhile, the users will still enjoy the purchase tax exemption and government NEV subsidies.

NIO's 3rd production model EC6 hits market with price starting at 368,000 yuan before subsidy

NIO's third mass-produced model, the NIO EC6, went on sale at the Chengdu Motor Show 2020 with three variants offered at one go. The vehicle was sold at the pre-subsidy prices ranging from 368,000 yuan ($52,542) to 526,000 yuan ($75,101).

The EC6, deemed as the coupe version of the ES6, comes with a panoramic-view sunroof to afford the cockpit with more openness. It is expected to take on such vehicles as the Mercedes-Benz GLC Coupe and Tesla's Model Y.

NIO's 50,000th mass-produced vehicle rolls off production line in Hefei

NIO witnessed on July 18 its 50,000th mass-produced vehicle roll off the production line at the JAC-NIO Advanced Manufacturing Center in Hefei, only 783 days after the first one coming out, the EV manufacturer announced via its WeChat account.

Up until that moment, the users of the high-profile EV startup have driven for over 800 million kilometers with their foot prints covering 341 cities in China, said NIO.

NIO China gains 10.4 billion yuan worth of credit line from six banks

NIO China would receive a credit line worth 10.4 billion yuan ($1,484,568,800) from six Chinese banks, the EV maker announced on July 10.

Under the strategic agreement signed on July 10, the credit line afforded by six banks—the Anhui branches of China Construction Bank, Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, Industrial Bank Co.,Ltd. and China Merchants Bank—will be used to support the operation and development of NIO China’s business.

NIO China to obtain 7 billion yuan investment from strategic investors

NIO signed on April 29 with a group of strategic investors the definitive agreements pursuant to which the latter would plow RMB7 billion collectively into NIO China, the EV manufacturer announced via its WeChat account.

Under the agreements, the strategic investors, led by Hefei City Construction and Investment Holding (Group) Co., Ltd., CMG-SDIC Capital Co., Ltd., and Anhui Provincial Emerging Industry Investment Co., Ltd., will pump cash into NIO (Anhui) Holding Ltd., the legal entity of NIO China. NIO said it would imbue NIO China with its core businesses and assets in China, involving complete vehicle R&D, supply chain, sales & service, as well as NIO Power.

NIO celebrates start of volume production of NIO EC6

On Feb. 25, the ceremony to celebrate the mass production of NIO EC6 was held at the JAC NIO Advanced Manufacturing Center in Hefei, according to a post on NIO's WeChat account. Meanwhile, the startup signed a framework agreement with Hefei municipal government to launch its China headquarters in the capital of Anhui province.

The EC6 all-electric coupe SUV would be the third model mass produced at the Hefei-based JAC-NIO manufacturing base, said NIO. Offering the first glimpse at the 2019 NIO Day, the company plans to announce the price and configuration of the EC6 in July, and kick off the delivery in this year's September.