Chinese electric vehicle maker Nio has signed a partnership agreement with battery giant CATL to develop longer life batteries as part of efforts to lower overall EV costs.
maker Nio has signed a partnership agreement with battery giant CATL to develop longer life batteries as part of efforts to lower overall EV costs.
“This is not only a problem that Nio needs to solve, but one that the whole industry must work together to solve."will expire, Nio said, pointing to the shorter life of batteries versus cars and the expense of replacing power packs. After receiving more than $3 billion from Abu Dhabi investor CYVN Holdings last year, Nio has strived to become profitable more quickly by trimming its workforce and deferring long-term investments to improve efficiency.
Swapping could help to ease the strain on power grids at peak times when drivers recharge, but industry analysts and executives expect it will only become mainstream if batteries become more standardized.
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