Wednesday, July 24, 2024

NIO investing US$273 mil for new battery tech company in China

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Dependence on battery suppliers and technological limitations make electric vehicle manufacturers need to find reliable battery sources to meet consumer demand for battery electric vehicles.

This led Nio to set up a new battery technology company in China. named Nio Battery Technology (Anhui) Co. Ltd.

According to Chinese news outlet Aiqicha, within the Anhui structure, founder Nio William Li serves as chairman. To create Anhui, NIO invested CNY 2 billion ($273 million).

Anhui will build 31 laboratories for research and development of electric vehicle batteries. Their goal is to increase charging capacity, discharging time, temperature, sealing, battery safety, voltage and everything else related to electric vehicle battery technology.

A few months ago Nio was reported to be working on the 4680 battery, which is the latest generation of cylindrical battery technology.

In addition, Nio is also likely to work on ferromanganese phosphate batteries, offering a density increase of about 15-20% over standard lithium phosphate units, while maintaining the same production costs.

NIO plans to produce its own 800-volt battery packs

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