Nio (NYSE: NIO) has undertaken a lithium iron phosphate battery production line with Contemporary Amperex Technology, a Chinese battery manufacturer and technology company founded in 2011 that specializes in the manufacturing of lithium-ion batteries for electric vehicles and energy storage systems, and the lithium iron phosphate version is being tested, according to CLS.
Compare with other batteries, the lithium iron phosphate battery has the advantages of high working voltage, high energy density, long cycle life, good safety performance, small self-discharge rate, and no memory effect. This kind of battery is a major type of EV battery that has been installed on Tesla (Nasdaq: TSLA) model-Model 3.
The Shanghai-based electric vehicle maker reported it delivered 7,007 vehicles in December. For the whole year of 2020, the company delivered 43,728 vehicles.
However, the price of Tesla's domestic Model Y was cut by nearly 150,000 yuan while Nio faces order cancellation issues. Tesla's Model Y is now priced around 300,000 yuan, competing directly with Nio's EC6 and ES6.
Last week, Nio officially launched the used car services, Nio Certified program. It announced that it will high-quality services to used car users.
Shares of Nio were trading up 38 cents at $53.62 as of early morning trading on Wednesday.