nio research report pdf

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Company Summary

Founded in 2014, Shanghai-headquartered NIO is a pioneer in China’s EV market. Often touted as the ‘Tesla of China’, NIO went public on New York Stock Exchange in 2018. Its unique selling proposition is to provide EVs at competitive pricing. NIO previously partnered with Anhui Jianghuai Automobile Group Co., Ltd. (JAC), a major state-owned Chinese automaker, to jointly manufacture vehicles at its F1 and F2 Plants. In December 2023, NIO acquired the manufacturing equipment and assets of the F1 and F2 Plants from JAC for approximately RMB3.16 billion (excluding tax). The asset transfer ...

Founded in 2014, Shanghai-headquartered NIO is a pioneer in China’s EV market. Often touted as the ‘Tesla of China’, NIO went public on New York Stock Exchange in 2018. Its unique selling proposition is to provide EVs at competitive pricing. NIO previously partnered with Anhui Jianghuai Automobile Group Co., Ltd. (JAC), a major state-owned Chinese automaker, to jointly manufacture vehicles at its F1 and F2 Plants. In December 2023, NIO acquired the manufacturing equipment and assets of the F1 and F2 Plants from JAC for approximately RMB3.16 billion (excluding tax). The asset transfer was completed in the same month. NIO also filed its electric passenger vehicle investment project with Anhui province authorities and is now included in the Ministry of Industry and Information Technology’s approved manufacturers catalog. NIO transitioned from joint to independent manufacturing and has begun producing all its current vehicle models at the F1 and F2 Plants. In 2016, NIO introduced its first model, EP9, an electric-powered, two-seat sports car. In 2017, it launched its first volume-manufactured EV, the six-seater SUV ES8, whose deliveries commenced in 2018. NIO’s second volume manufactured EV, the ES6, a five-seater high-performance premium electric SUV, was launched in 2018. NIO began deliveries of the ES6 model in 2019. In 2020, NIO began the deliveries of its EC6 model which is a 5-seater premium smart electric coupe SUV. NIO launched the ET7 model at NIO Day 2020, deliveries of which began in March 2022. At its 2021 NIO Day Event, the company unveiled a new mid-sized electric sedan, the ET5. Deliveries of ET5 commenced on Sep 30, 2022. Deliveries of EC7 and EL7 began in 2023.In December 2023, NIO introduced the ET9, a smart electric executive flagship. During the year ended December 2023, NIO’s revenues came in at $7.83 billion. Full-year deliveries totaled 160,038 in 2023. As of Dec 31, 2023, NIO delivered a total of 449,594 vehicles cumulatively. NIO is a rising player in the industry and is currently riding the EV wave. State backing coupled with strategic partnership with Mobileye and BAAS (Battery-as-a-Service) offering are expected to be key growth drivers.

General Information

BUILDING 19 NO. 1355 CAOBAO ROAD MINHANG DISTRICT

SHANGHAI, F4 200233

Phone: 86-21-6908-2018

Web: http://www.nio.com

Email: [email protected]

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NIO: A Chinese EV Company's Global Strategy

• Format: Print
• | Language: English
• | Pages: 28

About The Author

William C. Kirby

Related work.

• Faculty Research

NIO: A Chinese EV Company’s Global Strategy

• NIO: A Chinese EV Company’s Global Strategy  By: William C. Kirby and Noah B. Truwit

• Blue Sky Coming
• Sustainability
• Investor Relations
• NIO Service
• Press Release
• Media Library

NIO Releases 2023 ESG Report

June 25, 2024, Shanghai - NIO released its 2023 Environmental, Social and Governance Report , sharing its management and operation achievements of sustainable development in terms of A Blue Sky, Superior Products, Sustainable Value Chain, Employee Care, and Charitable Actions.

Promoting Low-Carbon Operations for a Blue Sky

NIO is devoted to the continuous exploration of carbon reduction measures in the smart electric vehicle industry, and work with all parties to realize the vision of Blue Sky Coming.

On March 25, 2023, NIO announced its commitment to join the Science Based Targets initiative (SBTi) and became the first Chinese new energy vehicle company to do so. NIO is also the first Chinese vehicle company to answer the Carbon Disclosure Project (CDP) questionnaire. NIO is committed to achieving the “ Car to Car ” level resource reuse model. During the reporting period, NIO completed a small-scale closed-loop pilot of aluminum recycling on a batch of 200 vehicles and continued to promote resource recycling programs such as Battery Passport and BLUE SKY LAB. During the reporting period, the proportion of recyclable and shareable green packaging used in our vehicle transportation reached 98%.

In 2023, NIO consumed 55,495.53 MWh of renewable electricity, showing a significant year-on-year growth of 283.7%. By the end of the reporting period, the total installed photovoltaic capacity of NIO Advanced Manufacturing Center (F1), NIO Factory Two (F2) in Hefei Xinqiao, EDS Factory 0 (E0) in Nanjing, and EDS Factory 1 (E1) in Hefei reached 67.63MW.

In terms of green certifications, F2 and E1 have successfully obtained the LEED Gold Certification and are certified as Three-Star Chinese Green Building; E0 has also obtained the Three-Star Chinese Green Building Certification; the NIO House | NeoPark, Hefei has received LEED Gold Certification. In addition, one of NIO ’s projects was listed in the “ Top 10 Low-Carbon Application Scenarios in Anhui Province ” in 2023, and NIO was named by the Ministry of Industry and Information Technology in the list of “2023 Green Supply Chain Management Enterprises”.

Providing Superior Products

NIO adheres to its promise of providing intelligent, reassuring, high-quality products; upholding the user-oriented philosophy, and providing users with an enjoyable experience throughout the lifecycle of NIO products.

Throughout 2023, NIO invested RMB 13.43 billion in R&D cumulatively, and had a total of 8,478 issued and pending patents in the U.S., China, Europe and other jurisdictions. The high-quality investment in R&D laid a good foundation for superior products and enabled NIO to gain more recognition for its products globally. During the reporting period, NIO EC6 and ET5 models received the highest safety rating of the year at China Insurance Automotive Safety Index (C-IASI); NIO ES8 and ET7 models received five-star safety ratings in China ’ s New Car Assessment Program (China NCAP). In addition, first-generation ES8, ET7, EL7 (ES7 for Chinese market), ET5, ET5T, EL6 (ES6 for Chinese market) models all received five-star safety ratings in the Euro NCAP.

In terms of battery management, NIO implements full lifecycle management of batteries from product development, supply chain management, charging and swapping operations, user service, monitoring and emergency response, safety incident investigation, analysis and improvement, to battery decommissioning.

In terms of intelligent driving, NIO launched NIO Active Safety 2.0 in January 2024. With active safety features such as General Objects Warning and Assist (GOA) and All-Scenario Mis-Acceleration Intervention Function (MAI+), the safety system realizes triple dynamic sensing of the state of the environment, the vehicle, and the driver and provides enhanced protection. As of June 25, 2024, the available mileage of NOP+ (Navigation and Orientation Plus) reached nearly 1.4 million kilometers, achieving nationwide urban road coverage in China.

Creating Sustainable Value Chain

NIO kept strengthening synergies with our partners to promote environmental and social sustainability in a wider scale and to create value for NIO users.

In 2023, NIO continued to increase its quality and sustainability control of its partners, conducting a total of 433 NIO Partner Quality System (NPQS) audits of vehicle partners throughout the year, a total of 229 sustainability audits of partners, and a 100% coverage of security audits of partners involved in digital security.

Meanwhile, NIO continues to promote the localization of supply chain layout, and about 80% of the parts value coming from parts partners are located in the Yangtze River Delta region, 40% coming from those located in Anhui Province. In January 2024, NIO was named by the Ministry of Industry and Information Technology in the list of “2023 Green Supply Chain Management Enterprises” , signifying that NIO had passed the assessment and certification in green supply chain management strategy, partner sustainability management, and other aspects.

NIO continuously optimized its user satisfaction survey system; in 2023, NIO provided over 7,000 community activities for over 268,000 users, and organized nearly 4,000 welcome parties, with more than 98,000 new users joining the NIO community, with the average annual score on the Five-Star Rating reaching 4.84/5.00. In automotive after-sales services, NIO models had repeatedly received high customer satisfaction ratings in the industry: NIO ES6 won the first place in “ China Automobile After-Sales Customer Satisfaction Research - New Energy SUV ” by China Automobile Maintenance and Repair Trade Association; NIO ES8 won the first place in “ China Automotive Customer Satisfaction Index - After-Sales Service (luxury brands) ” by China Association for Quality.

Caring for Employees and Sharing the Fruit of Development

NIO practices the values of “honesty, care, vision, and action” , and create a diverse, equal and inclusive workplace environment for our employees. Meanwhile, insisting on the establishment of a diversified and global talent team, NIO has attracted a global workforce from 20 countries and regions.

In terms of employer branding, in 2023, NIO received 10 awards related to human resources management, ranking top in employer satisfaction and employer impact surveys; in 2023, NIO conducted 55 leadership training sessions for 2,532 participants and 447 professional training sessions for 48,148 participants; in 2023, NIO organized more than 1,740 employee activities, covering a diverse range of themes such as traditional festivals, sports events and parent-child activities, to enhance team cohesion and sense of well-being.

NIO also conducted the employee satisfaction survey on a regular basis, covering 8 dimensions and reaching employees worldwide, helping the Company to gain a more comprehensive understanding of the needs and concerns of employees. In the meantime, in 2023, NIO realized a 100% coverage rate of physical examinations for employees in positions exposed to occupational hazards and a 100% coverage rate of safety training for new employees at the factory; in 2023, NIO achieved an employee coverage of 100% for online training on business ethics and compliance, and an employee coverage of 100% for information and data security training.

Practicing Charitable Actions and Conveying Positive Energy

Building a sustainable and better future together with the society directs our unremitting efforts.

In December 2023, NIO, NIO Users Trust and NIO Users Foundation, together with China Charity Federation, launched the “NIO Climate Action” , planning to invest RMB 50 million over a period of five years to combat the environmental problems caused by global climate change.

In 2023, there were a total of 14,897 volunteer participants in public welfare activities such as environmental protection, care for children, and social responsibility, with a cumulative total of 172,472 volunteer hours, in 229 cities and in Europe for the first time, creating many touching moments. By the end of the reporting period, a total of 15,790 users and 1,196 children of them had joined the NIO User Volunteers.

As of now, Clean Parks has contributed to the protection of 17 nature reserves worldwide.

Blue Sky Coming. NIO will continue to join hands with stakeholders to contribute to global sustainable development and to achieve a blue sky.

Note: This Report covers the period from January 1, 2023 to December 31, 2023, with some retrospective references to previous years and 2024.

NIO is a global smart electric vehicle company. Founded in 2014, NIO has been committed to shaping a joyful lifestyle by offering high-performance smart electric vehicles and ultimate experience. NIO is the first car company listed on the NYSE, HKSE and SGX. NIO currently has two major brands under its umbrella: NIO and ONVO. Nine years into establishment, NIO is one of the leading companies in the global premium smart electric vehicle market.

Aiming to foster its own research and development capabilities for core technologies, as of the end of May, 2024, NIO had filed and obtained more than 8,800 patents worldwide. NIO has developed NIO Full Stack, a collection of 12 technology domains, including chips and smart hardware, battery system, electric drive and high-voltage system, vehicle engineering, vehicle operating system, vehicle connectivity, assisted and intelligent driving, smart cabin, smart power, smart manufacturing, artificial intelligence and global digital operations, which has made possible the industry-leading products, such as SkyRide Chassis System, NX6031 LiDAR control chip, and NX9031 5nm AD chip. Currently, NIO has R&D centers and manufacturing facilities in Shanghai, Hefei, Beijing, Nanjing, Shenzhen, Hangzhou, San Jose, Munich, Oxford, Berlin, Budapest and Singapore.

At present, NIO has eight smart electric models in its lineup, including the flagship SUV NIO ES8 (EL8 in Europe), flagship coupe SUV NIO EC7, mid-large SUV NIO ES7 (EL7 in Europe), premium executive sedan NIO ET7, all-round SUV NIO ES6 (EL6 in Europe), coupe SUV NIO EC6, mid-size sedan NIO ET5, mid-size tourer NIO ET5T (ET5 Touring in Europe). NIO's executive flagship ET9 and smart electric mid-size family SUV ONVO L60 made their global debut. As of May 31, 2024, NIO had delivered a total of 515,811 vehicles, leading the premium battery electric vehicle segment priced above RMB 300,000.

In addition to the state-of-the-art smart electric vehicle technologies and experiences, NIO has introduced various innovative service models, including NIO Power, NIO Service, Battery as a Service (BaaS), flexible battery upgrade plan and NIO Certified, the official pre-owned vehicle program, to offer an ultimate service experience throughout the product lifecycle. NIO is the car brand with the largest number of charging piles and Power Swap Stations in China. By May 31,2024, NIO had installed 2,470 Power Swap Stations and 22,641 chargers, and connected with over 1.52 million third-party chargers worldwide. Its battery swap network runs through 13 trunk expressways and 11 city clusters in China. Most of the above innovative service models will also be shared with ONVO. Moreover, NIO has partnered with Changan Automobile, Geely Holding, JAC Group, Chery Automobile, Lotus, GAC and FAW in battery swap to jointly promote the development of the battery swap network and industry standards.

Adopting the direct sales model, NIO offers a series of comprehensive services seamlessly via the NIO app. Combining online and offline touchpoints, such as NIO House and NIO Space, as well as NIO users' exclusive radio program NIO Radio and the lifestyle brand NIO Life, NIO has created a community that starts from and goes beyond the car, where users to share joy and grow together. ONVO will also have an independent sales network.

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Nio’s Growth Trajectory: A Buy Rating Amidst Rising Sales and Margin Efficiency

Analyst Ji Shi of CMB International Securities maintained a Buy rating on Nio ( NIO – Research Report ), with a price target of $5.10.

Ji Shi has given his Buy rating due to a combination of factors, including anticipated sales volume growth and an improvement in gross profit margins (GPM). While Nio’s second quarter of 2024 earnings demonstrated a mix of positive and negative financial outcomes, the analyst expects a significant surge in sales volumes for fiscal years 2025 and 2026, driven by the introduction of new brands like Onvo and Firefly. Even though R&D and SG&A expenses are high, the projected increases in sales and GPM indicate potential for Nio’s financial performance to improve in the long term.

The report also suggests that Ji Shi has revised upwards the sales volume forecast and GPM for FY24, signaling a belief in Nio’s capacity to increase revenue and margin efficiency. However, there are concerns about the company’s ability to achieve breakeven due to massive R&D and SG&A expenses. Despite these concerns, the analyst appears to see value in the company’s growth prospects, reflected in the continued Buy rating. This valuation takes into account the competitive market and the potential need for Nio to raise additional funds, balanced against the forecasted increases in sales and GPM.

According to TipRanks , Shi is an analyst with an average return of -13.8% and a 35.42% success rate. Shi covers the Consumer Cyclical sector, focusing on stocks such as Geely Automobile Holdings, China MeiDong Auto Holdings, and Minth Group.

In another report released on September 6, DBS also maintained a Buy rating on the stock with a $7.10 price target.

TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.

Nio (NIO) Company Description:

Founded in 2014, China-based Nio, Inc. designs, jointly manufactures, and sells smart and connected premium electric vehicles in China, Hong Kong, the U.S., the U.K., and Germany. The company also provides comprehensive value-added services and innovative charging solutions to its users, including Power Home, the home charging solution, Power Swap, the innovative battery swapping service, Power Mobile, the mobile charging service through charging trucks, and Power Express, the 24-hour on-demand pick-up and drop-off charging service.

Read More on NIO:

• ‘Time to Jump In,’ Says J.P. Morgan About Nio Stock
• NIO call volume above normal and directionally bullish
• Nio Inc Earnings Update: Did it Beat Estimate Forecasts?
• Nio upgraded to Overweight from Neutral at JPMorgan
• Nio price target lowered to $5 from $5.50 at Mizuho

NIO News MORE

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NIO Business Model: Aiming for Apple Like Ecosystem

This study was first published on April 2, 2021 and was last updated on September 26, 2023.

Touted as “The Tesla of China,” NIO is a fast-growing Chinese automaker that designs and manufactures Smart High-Performance Electric Vehicles.  

Founded in 2014, the Shanghai-based company went public in September 2018, and its fluctuating market cap peaked at 96.57 Billion USD in January 2021. 

The company’s Chinese name Weilai — which means “Blue Sky Coming” — represents the company’s mission to bring its users the freedom of time through its autonomous driving solutions and premium electric vehicles.

NIO is also researching motors, batteries, fast charging, and autonomous driving solutions. The company strives to become a  premium EV carmaker to continue providing customer service even after selling the car.

NIO’s delivery numbers indicate it sold 19,329 EVs in August 2023, marking an 81% increase year-over-year. The company has managed to sustain its goal of 18,300 to 19,000 vehicles each month of the quarter. Nio’s performance was noticeably better than Xpeng , a rival company, which delivered 13,690 vehicles in August.

It doesn’t stop at that. NIO knows that to grow further, the young company would have to expand its horizons, and for that reason, it has also established its footprints in the US and Europe. 

Does NIO have a plan, and what does the company’s future look like? 

Digging into the company’s motives and going through information like its research activities, insights from its patent portfolio, major partnerships, and financial information can unearth some clues. 

But before we go ahead, let’s have a look at the opportunity in hand for NIO in the Chinese Premium EV market. 

The above chart illustrates the growth of the Chinese car market over the past few years. These numbers indicate NIO has a good opportunity in hand to capture the premium EV Market given the limited number of players.

The company has traveled a great distance. 

Let’s now anticipate NIO’s future move and its position in the EV Market by analyzing its Financial condition, research activities, and how it is collaborating with other companies to shine bright where companies like Tesla are present. 

What do NIO’s Finances look like? 

Since NIO works in a domain that has a high cash-burn rate, having sturdy finances is pretty crucial for a company to sustain and grow further. Let’s have a look at its finances and its revenue information.   

NIO’s Investment Fundings

With $5.4 billion, NIO is one of the few startups with multi-billion dollars in funding. The majority of funding they received was Post-IPO equity from Tencent, Hefei City Construction, and Investment Holding Group. 

Tencent and Baidu are the only tech companies that invested in NIO, with NIO making the largest investment in the series of rounds. Resultantly, James Gordon Mitchell, Senior Executive Vice President of Tencent Holdings, got a board of directors seat in NIO. 

The table below lists the investment funding information for NIO across various rounds. 

After getting investments from Tencent and Baidu, the company gained Unicorn status in 2017.  

NIO’s IPO in 2018

In Aug 2018, NIO went public on the New York Stock Exchange to make a bigger presence in the US and to compete with the likes of Tesla and Nikola. 

Its founder is optimistic about the company and believes it will make a mark even in the US, where Tesla owns 55% of the EV market share . 

“ Tesla is a company founded in the era of the internet, while NIO was born in the era of mobile internet ,” founder Bin Li said in December. “ The new era, in which smartphones and apps play a much bigger role in people’s daily lives, gives companies like us a great opportunity to revolutionize the automobile industry. ”

Despite Tesla’s impact in the country, NIO sold $1 billion in shares in the IPO, making it the third-largest US listing by a Chinese firm in 2018. 

The company, however,  wasn’t making any profit till its IPO. 

NIO’s convertible senior notes in 2023

On September 18, 2023, NIO announced its proposal for a $1 billion offering in convertible senior notes, with half the bonds due in 2029 and the other half due in 2030. The 2029 notes will mature on October 15, 2029, and the 2030 notes will mature on October 15, 2030.

NIO intends to use the net proceeds to repurchase a portion of the existing debt securities and the remainder to further strengthen its balance sheet position and general corporate purposes.

NIO Annual Revenue

As of date, NIO still isn’t making any profit. Despite doubling the revenue and even after increasing the margin, NIO suffered a net loss of $812.9 Million in 2020, which was 53% less than its previous year. 

In 2021, their annual revenue was $5.67 billion, with a net loss of $1.66B, a 92.93% increase from 2020.

Net revenue in 2022 was $7.14 billion. Vehicle sales accounted for $6.58 billion with a 13.7% margin, an increase of 37.2% from the previous year. Net losses increased to $2.111B in 2022.

So far, in 2023, their total revenue stands at $2.76 billion as of the second quarter, with a net loss of $835.1 million.

Here are the revenue metrics compared against the net losses and their annual operating expenses.

NIO has planned multiple sources of revenue other than vehicles, which could help NIO become a profitable entity in the near future. 

The battery swapping technology is one of the strengths of NIO, which the company has been utilizing for its growth. 

NIO claims to have granted 1,200 patents for its battery pack, vehicle, power-swap stations, and cloud-based scheduling system.

Interesting, right? We analyzed its patent portfolio and found some insights to get the complete picture and unearth some clues. 

What does NIO’s Patent Portfolio reveal about the company?

NIO has filed over 3000 patent applications since 2015. 

As per the filing trend, the major patent applications were filed in 2017 and 2018. 

The company received major funding in 2017 from Baidu and Tencent. And in 2018, the company went for IPO. 

Funding could have been a major reason behind huge patent filings these two years. NIO wasn’t making any profits, so it would have wanted to show investors their growing assets, however intangible, for getting funds through IPO.

Additionally, a patent application can take up to 18 months to publish. It may be why there’s been a noticeable drop in the number of patents in the last two years. It doesn’t suggest a decrease in the patent filing.

You can discover more insights and statistics about NIO’s IP portfolio on GreyB’s Insights Gate .

The technologies in NIO patent applications range from basic general electric vehicles to converting and distributing electric power. Further, there are some patents related to communication and computing technologies. 

Source:  GreyB’s in-house AI tool.

Other patents in its portfolio relate to basic automotive parts, communication systems, safety features, alloys, lighting, HVAC systems, etc.

NIO filed most of the patents in China, but there are three other markets where NIO wishes to secure its inventions. 

As per Geographical analysis, Europe, the USA, and Taiwan are the countries where NIO has many patent filings after China. 

NIO has a research center in the US and Germany, which gives NIO good reason to file patents in the US and Europe. We also found that NIO did some research in Taiwan, which also justifies the Taiwanese patent filing numbers. 

Upon analyzing NIO’s patents on BOS, we found that there were a few companies whose US patent applications got 102 and 103 rejections due to NIO’s patents. This means these companies were trying to build something similar to NIO’s. There are even cases where the rejections led to companies abandoning some patent applications. These are the cases where their inventions were exactly similar to that of NIO – quite an insight for NIO. 

The above graph paints the picture. One could see that not just automakers but even semiconductor companies like Intel are present in the list. Moreover, they even had to abandon their 2 patent applications due to NIO patents. 

While it tells that these companies are trying to patent similar inventions that NIO already has in its arsenal, it also creates a patent licensing opportunity for NIO as they can offer patent licenses to companies whose patents get rejected by their patents. 

By 2020, 138 rejections had occurred due to NIO patents, of which 110 were 103-type rejections and 28 were 102-type rejections. 103-type rejections make up 80% of all rejections that occurred due to NIO.

The chart below shows 102 and 103 rejection trends over the years, along with abandoned vs. not abandoned patent applications. 

Insight for NIO executives : Dig deep, as these can be valuable portfolio monetization opportunities. 

NIO’s Research Activities

NIO has 6 research centers, 3 in China and the rest in the US, Germany, and the UK. 

NIO’s research is best highlighted in its vehicle design and the features enabled by its premium cars. Further, NIO has been researching batteries, particularly in battery swapping technologies and fast charging solutions. 

Moreover, NIO also researches autonomous driving solutions as its latest car includes NAD (NIO Autonomous Driving) feature. 

What is NAD? Let’s find out.

NIO Autonomous Driving (NAD)

NAD is an autonomous driving solution offered by NIO in its vehicles. The latest sedan by NIO ET7 includes NAD features.

Let’s briefly look at some of the distinct NAD features in the ET7 cars.

AQUILA is an autonomous driving system with super-sensing features,  including many sensors such as LiDAR units, RADAR units, Ultrasonic sensors, High-Resolution Cameras, and a V2X system to offer 360-degree visual redundancy and strong peripheral perception. 

The cars also inhibit ADAM , a supercomputer that features interfaces with ultrawide bandwidth and ISP-capable processing of 6.4 GP/s, effectively improving the image quality and enhancing details to make each pixel count for the algorithm’s accuracy and efficiency. 

It features 4 NVIDIA Drive Orin SoCs that boost the total computing of 1016 TOPS. Two master cores enable the full-stack NAD algorithms, including multi-solution perception fusion, high-precision localization, and prediction and planning. The third SoC acts as a fail-safe if one of the master cores fails. The 4th SoC specialized in crowd AI and personalization to speed up NAD’s overall performance. 

Let’s have a look at some of the other notable offerings by NIO

Battery Swapping Technology

Battery swap was first introduced by an Israeli startup, Better Place, and then by Tesla. But both companies failed to make the best of the technology’s potential. NIO followed the trend but was able to succeed with the right strategy. 

NIO created a power grid for battery swap stations so its users don’t have to travel a long distance for battery swapping. Power Grid offers a combination of multiple power charging solutions focused on enhancing the user experience.

The core of this strategy is based on NIO’s chargeable, swappable, and upgradable smart power service system. With enough infrastructure and technology, NIO succeeded using the same source that Tesla discarded. 

In October 2020, NIO successfully achieved the milestone of swapping 1 million batteries , proving the success of its battery swap technology. 

Battery-as-a-Service

In August 2020, NIO launched Battery-as-a-Service (BaaS). NIO is taking battery management service to the next level by introducing a subscription-based service that can save up to RMB 70,000 to 128,000 when purchasing an NIO car. 

Through this model, prospects can get a car at a lower price, but they need to pay a monthly subscription fee of 980 RMB for batteries. 

And it makes sense to save over 100K bucks and choose monthly subscription fees that provide other benefits, such as charging and swapping batteries under NIO Power.

“ BaaS is a systematic solution to the existing challenges of electric vehicles such as battery degradation, upgradability, and lower resale value. ”, says NIO in a blog . 

Further, in April 2020, the Chinese government enhanced the 2020 NEV policy that supports BaaS by providing subsidies on electric vehicles priced at over RMB 300,000 only if they can use battery swapping. 

With the government involved, other automakers could implement battery-swapping options in their vehicles next. 

NIO claims to have over 1200 patents on battery swapping, which means they should have covered the major processes for battery swapping in a vehicle. So, they can also generate money from licensing their patents to other EV makers or enforcing them. 

The ultimate benefit of this service is the user experience. With this model, users can choose available options as per their requirements. They can either go for a powerful battery pack or an upgraded battery with the latest technology. 

NIO Power is a mobile internet-based power solution providing battery charging and swap services. Enhanced by Power Cloud, it offers users power service options for a power service system with chargeable, swappable, and upgradable batteries. 

NIO Power consists of multiple options for both home and on-road scenarios. 

For Home, it has Power Home 2.0 and Power Home Plus chargers to fast-charge car batteries. 

For On-road, it has a Power Swap, Power Charger, and Power Mobile.

NIO has 135 power swap locations connected across 59 cities in China as of June 2020. Further, NIO has installed 30,000 Power Home Chargers in China. 

NIO House is a concept showroom that aims to redefine what premium service means for a car company. The concept focuses on the customer experience that allows its customers to understand and experience the brand’s philosophy through space and its materiality. 

As of January 2020, NIO has established 22 NIO Houses and 55 NIO Spaces in 57 cities. 

The entire NIO House is a space to explore, gather, relax, and enjoy with the whole family—a home away from home for the owners of NIO products.

Now that we had a look at the company’s offerings, let’s discover what it has done with collaborative efforts for its future growth. 

What are some of the Major Partnerships by NIO?

NIO has undergone partnerships with many companies to drive innovation in EVs and Autonomous driving. Let’s have a quick look. 

Partnership with SVOLT Energy

Nio is partnering with SVOLT Energy , a battery systems manufacturer, for their in-house large cylindrical EV battery design and production. The companies have reportedly assembled a team of 400 researchers and designers for this project. These large cylindrical cells will be designed for an 800V EV platform targeting production in 2024. 

Additionally, reports from China indicate that NIO and SVOLT plan to collaborate and invest in a pilot production line in Maanshan. It’s in the Anhui province, the same as NIO’s current manufacturing hub. The two companies intend to merge some of their R&D teams, but their supply chains and manufacturing will remain separate.

Depending on the results of this pilot production project, scaled production is now expected to commence in 2025. 

Partnership with JAC     

The most important partnership of NIO is perhaps with JAC, which produces NIO EVs since NIO doesn’t own a manufacturing license. 

All of NIO’s cars have been manufactured by Chinese manufacturer JAC, and the company focuses its efforts on its apps, houses, and designing the cars. 

Despite a smaller customer base, its social network app has seen downloads in hundreds of thousands. 

Moreover, both companies will create a joint venture called Jianglai in which NIO will acquire 49% stakes while JAC will acquire 51%. The new JV will focus on developing intelligent EVs, among other products. 

“Our two companies will deepen the cooperation in manufacturing and supply chain management,” NIO told KrASIA. “The joint venture will be in charge of the daily management and operation of JAC’s advanced manufacturing plant for NIO.”

Further, it will help NIO to in-source its car manufacturing process. 

Partnership with 50 Companies

NIO started major collaborations in 2018 when it entered into a massive partnership with over 50 companies to produce a smart electric car. 

NIO aspires to build smart, luxurious cars like Mercedes and Audi. With the help of a massive partnership, it raised $2.2 billion.

Partnership with Tata Technologies 

In Feb 2018, NIO collaborated with Tata Technologies to build NIO’s first all-aluminum electric car, the ES8. Tata has been associated with NIO since 2015 and helps the premium EV maker to drive major engineering aspects for the development of ES8. 

Partnership with Mobileye

In Nov 2019, NIO, to drive further innovation in autonomous driving, announced a strategic collaboration with Intel’s Mobileye to provide Level-4 driving solutions to its consumers in China and major other territories. With this partnership, NIO could build a self-driving system designed by Mobileye’s level-4 AV kit. NIO also plans to mass-produce the system for its consumer and Mobileye’s ride-hailing services. 

Partnership with Xpeng

In Dec 2019, NIO partnered with its domestic rival, Xpeng , to make things easier for its consumers. As per the partnership, both companies agreed to share their charging stations and related services. The consumers of both companies can charge their vehicles at any of their stations at extra cost. The partnership also puts the prospects at ease as they can see the infrastructure growth. 

Partnership with Cerence

In Oct 2020, NIO partnered with Cerence, a global automotive assistant provider, to make its premium cars smarter by deploying voice technologies in its vehicles. 

Partnership with Xiaomi

In March 2020, NIO underwent a partnership with Xiaomi for the development of a remote car smartwatch app. NIO imagines itself as a mobile internet company, so it makes sense that it wants its users to connect with their cars using their most personal devices. So, besides smartphones, a wearable device such as a smartwatch would be a good choice.

Via the app, NIO customers can check the vehicle’s battery charge level, open or unlock the doors and windows, or turn on the air conditioning using the app. The app can also help NIO owners find their vehicles in a crowded parking lot by activating the lights and horns. More intelligent functions, such as near-field communication (NFC) may be supported in the future.

Partnership with CATL

In August 2020, NIO partnered with CATL to fasten the battery swap initiative. Together, they raised $115 million for their joint venture, Weineng, to provide battery management services for NIO’s BaaS program.

Partnership with Qualcomm

In Jan 2021, NIO partnered with Qualcomm to capitalize on Qualcomm’s Snapdragon Automotive 5G and 3rd Generation Snapdragon Automotive Cockpit Platform for its flagship sedan – ET7. 

Partnership with NVIDIA

Also in Jan 2021, NIO partnered with Nvidia to use NVIDIA DRIVE Orin™ system-on-a-chip (SoC) for its electric vehicles with autonomous driving capabilities. 

“The cooperation of NIO and NVIDIA will accelerate the development of autonomous driving on smart vehicles. NIO’s in-house developed autonomous driving algorithms will be running on four industry-leading NVIDIA Orin processors, delivering an unprecedented 1000+ TOPS in production cars,” said William Li, Founder, Chairman, and CEO of NIO.

While the majority of collaborations Nio made are for the growth of its autonomous driving capabilities, others tend to make things easier for its users. 

Where does NIO stand in comparison with other EV Makers?

2022 was a landmark year for EVs, with annual production surpassing 10 million cars for the first time ever. This is a significant increase from 2021’s figure of 6.7 million.

Chinese automaker BYD led the pack with 1.85 million EV deliveries, 211% higher than their own metrics from 2021.

Tesla secured second place with 1.3 million EVs, followed by VW group and then GM.

NIO sold 122,486 EVs in 2022, slightly outperforming Xpeng, who sold 120,757.

In terms of vehicle deliveries and revenue, NIO is quite behind Tesla. But NIO is not playing a massive sales game like Tesla and other EVs. NIO’s business model consists of providing charging solutions, a subscription-based service, and other personalized services to make an ecosystem for its customers. NIO is trying to generate other sources of revenue that focus on the long-term rather than the short-term period. 

NIO’s Future Outlook

If you look closely, you will find that NIO is not aiming to be like Tesla. Its business model is quite diverse rather than depending only on electric vehicles. 

NIO is aiming for an Apple-like Ecosystem where its consumers get used to NIO and its services, such as Battery swapping or BaaS, so much so that they become their lifetime customers. 

Apple has loyal customers, and it’s one of the reasons for its increasing revenue. The same goes for NIO, too. With the NIO ecosystem, it plans to acquire a customer for a lifetime to grow its revenue rather than depend on car sales. 

NIO subscription services like BaaS and NAD bind a user from the company. NIO’s model was also attractive enough to involve even the Chinese government. The Chinese government is a big believer in the big picture, and they can sense the major opportunity NIO offers to enlarge its EV market. 

The investment from Hefei City makes sense because if NIO grows, it will open a factory in the city, posing it as a lucrative option to other EV makers. 

NIO is building a customer base; gradually, the base will grow in China, if not globally. China has the largest EV market, and NIO has increased car sales. With more people adopting EVs, the number will be growing further. 

In the future, NIO can benefit from several industries just from its consumer base. The company has battery swap stations in more than 110 locations. Real estate companies can use their consumer base by offering NIO lands for building stations. Not just corporate areas, but if a real estate housing area has a NIO battery station, a NIO car owner would be likelier to choose that area. 

NIO is also researching autonomous driving. And by 2027, the in-car infotainment, an aspect of autonomous driving, the market is estimated to reach $54 billion. 

And guess who is the biggest gaming and social media company in China?

Tencent! 

That reveals the mystery of Tencent’s multi-billion dollar investment in NIO. All these signs indicate that the future outlook is good for NIO. 

Since most countries are developing oil-related regulations, NIO has a great future. We believe even if it can capture the Chinese market, it has the potential to become big. We foresee that many countries are hesitant to allow Chinese technologies to dominate their market. Still, we believe NIO can easily expand to developing countries that are open to importing new technologies.

NIO Smartphones

Credit: NIO/Weibo

Nio is looking to get into the smartphone market as well. In August 2022, the company established NIO Mobile Technologies Co Ltd with a $100 million capital. NIO owns this division and intends to manufacture wearables and communication devices like mobile phones. 

In January 2023, we spotted a smartphone trademark filed by NIO, hinting at an upcoming launch. During its 2023 Innovation Day presentation in September, NIO officially launched its first Android smartphone, the NIO Phone, priced at $889. 

As rumored, the smartphone is powered by the Qualcomm Snapdragon 8 Gen 2 SoC and a large 5200 mAh battery. The NIO Phone is marketed towards their EV drivers, showcasing sync capabilities to control the car’s infotainment system, HVAC, seat massages, and vehicle locks. Additionally, NIO shared that even if the phone’s battery is wholly depleted, it can still unlock the EV it’s paired to for another 48 hours.

It’s rare for an EV company to venture into another field, let alone an extremely competitive one like smartphone devices. Why has NIO taken this step? What about its loss-making EV business? Are they planning anything to turn their current situation around?

GreyB’s expert analysts can dive deep into NIO’s future business outlook in 2024 and create detailed, highly actionable reports for you. Our reports will save you weeks of research time and help you make the right decisions. 

GreyB’s in-house AI tools and IP expertise enable us to give you insights that simple market research can never accomplish.

Request a competitive analysis using the button below. We’ll happily give you a callback and get started on your specific project requirements.

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KSU student designs 3D-printed robotic glove for hand rehabilitation

KENNESAW, Ga. | Jul 25, 2024

A research project conducted by Kennesaw State University sophomore Britt Walker aims to provide personalized hand rehabilitation through the use of a 3D-printed robotic glove.

Walker's project, “Development of Soft Robotic Hand Data Glove for Rehabilitation and Gesture Recognition” gathers data on hands and hand movements to facilitate the creation of a device that can assist in hand rehabilitation.

“My project is important because it can help with hand rehabilitation for people suffering from stroke, hand impairments or other traumatic injuries,” Walker said.

Walker is conducting this research through the   Summer Undergraduate Research Program (SURP) , which is offered through the   Office of Undergraduate Research .

To design the prototype, Walker used Computer Aided Design (CAD), specifically Solid Works. CAD is a software that allows designers and engineers to visualize the construction of a prototype in 3D or 2D so they can make adjustments and optimize the design before attempting to print it. In addition to CAD and 3D printing, Walker is also using the Arduino Data Logger to record his data.

The project is a piece of a larger project that intends to provide data about hand movements. Eventually, this data will be included in a device that can rehabilitate hands.

“In the future, the data gathered from this glove will be used in tandem with electromyography or ultrasonic sensors in the forearm to collect training data sets for AI to use in devices that can assist with rehabilitation,” Walker said.

Walker has greatly benefited from his time spent with his primary investigator (PI) for the project, Coskun Tekes, assistant professor of computer engineering in the   Southern Polytechnic College of Engineering and Engineering Technology .

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Generative AI in education: user research and technical report

Reports on the insights from teachers, leaders and pupils on the potential uses of generative artificial intelligence in education.

Applies to England

Use cases for generative ai in education: user research report.

Ref: ISBN 978-1-83870-564-0, RR1423

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The reporting from this project contains 2 documents: 

• a narrative report on the process, user research, and findings of the generative AI hackathons project
• a detailed technical report describing the process of optimising a generative AI ‘proof of concept’ tool based on the findings of the hackathon

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