NIO Inc. (NYSE: NIO) Power, which is a key component of the EV maker’s ecosystem, is critical to the success of the company and the uptake of its vehicles.
What Happened: Nio is scheduled to hold the Nio Power Day Event on July 9, CnEVPost reported, citing an invite.
A Nio spokesperson confirmed the schedule to Benzinga and said it is a domestically streamed event and will not be available internationally.
The event is set to be held at a hotel in Shanghai. The company intends to provide a glimpse of products and technologies related to the Nio Power unit and also unveil plans related to energy replenishment.
Related Link: Tesla’s Battery Charging Vs. Nio’s Battery Swapping: What Investors Should Know
Why It’s Important: Nio Power is a mobile, internet-based power solution with extensive networks for battery charging and swap facilities. Through Power Cloud, the unit offers a power service system with chargeable, swappable and upgradable batteries to users.
For at-home charging, Nio offers options the 7-kilowatt Power Home 2.0 and the 29-kW Power Home Plus. On the road, Nio provides fully automatic battery swap, which takes 3 minutes. The Nio Power Charger is a DC charger, capable of charging up to 180 kW and 250A. It takes about an hour to charge from 20% to 80%.
Nio also offers an option called Power Mobile, which is available to a Nio user via the Nio App. Charging can be done on the spot using a Power Mobile.
Nio began offering its Nio Power Swap 2.0 in April. To expand its network of battery swap stations, Nio has a tie-up with Chinese oil giant Sinopec Shanghai Petrochemical Company Limited (NYSE: SHI). Nio and Sinopec struck a deal to house the former’s swap stations in the latter’s nationwide network of gasoline stations.
As of June 28, the company has over 267 power swap stations and over 186 power charger stations. In late March, the company announced it has completed its 2 millionth Nio Power Swap.
At last check, Nio shares were rising 2.29% at $46.10.
Related Link: How Much A $1,000 Nio Investment In 2019, When The EV Stock Was Emerging From Liquidity Crunch, Would Be Worth Today
Photo: a Nio battery.
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