Author: Lei Kang/CnEVPost

CATL reaches deal to supply energy storage systems to US firm HGP

The 450-MWh battery storage project will be deployed in Texas and is expected to begin commercial operations in 2024.

(Image credit: )

CATL recently entered into a 450 MWh supply agreement with US battery storage project developer HGP, the battery giant's latest similar agreement with a US company.

The battery storage project will be deployed in Texas and is expected to begin commercial operations in 2024, a CATL press release said yesterday.

CATL will provide HGP with the EnerC, an outdoor premade pod system that offers high safety, long life, and high integration for a variety of weather extremes, according to the release.

The partnership leverages CATL's strengths in battery technology and HGP's strengths in energy infrastructure and storage resource development and will provide a more convenient solution for the market, the release said.

This helps meet the growing demand for clean energy in Texas and North America and highlights CATL's and HGP's commitment to achieving sustainable development, the Chinese battery giant said.

The two companies will also establish a long-term partnership to drive the implementation of utility-scale and distributed energy storage projects up to 5 GWh in size, according to the release.

HGP is based in Dallas, Texas, and has decades of market experience deploying grid investment-grade energy storage assets.

This is CATL's latest agreement with a US company for the supply of energy storage systems.

Last September, CATL announced that it had entered into a partnership agreement with FlexGen, a US provider of energy storage technology platforms and solutions, to supply the latter with 10 GWh of energy storage products over a three-year period.

CATL will supply FlexGen with EnerC, a containerized liquid-cooled energy storage product that can withstand a wide range of weather extremes and keep the system running safely and reliably for 20 years, the power battery giant previously said.

In October 2022, CATL entered into an agreement with Primergy Solar LLC, a US utility and distributed PV and energy storage operator, to exclusively supply batteries for the latter's Gemini PV and energy storage project.

Located near Las Vegas, Nevada, the project will have 690 MWac/966 MWdc solar panels and a 1.416 GWh energy storage system and will be one of the largest PV storage projects in the US when completed, CATL said at the time.

CATL has begun mass production of Qilin Battery, report says

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Leapmotor surges about 20% to near-record high in Hong Kong

Analysts expect 's sales to start improving gradually in the second quarter, meeting the company's guidance of selling more than 30,000 units in the quarter.  |  Leapmotor HK

Chinese electric vehicle startup Leapmotor surged on the Hong Kong stock market today, recovering almost all of its losses since going public.

Leapmotor rose as much as about 20 percent today to HK$39.2 a share, close to its highest price of HK$41 on the day it went public last September 29.

As of press time, that gain has eased back to about 16 percent, with a cumulative gain of about 27 percent so far this month.

There are no immediate factors driving the company's share price surge, though some recent developments are worth noting.

On March 21, Leapmotor released its annual results for 2022, showing it achieved revenue of RMB 12.38 billion ($1.8 billion) last year, up 295.4 percent year-on-year.

The company reported revenue of RMB 3.015 billion in the fourth quarter, up 116.16 percent year-on-year.

Leapmotor's deliveries in 2022 were 111,168 units, up 154 percent year-on-year. Of the total, 23,566 units were delivered in the fourth quarter, up 37.9 percent year-on-year.

The company's management said at the time that Leapmotor was targeting 200,000 unit sales in 2023, nearly doubling from 2022.

The effect of Leapmotor's price cut in March was affected by the price war in the Chinese auto industry, but the new orders will still start to pull full-year sales back up in the second quarter, said CITIC Securities analyst Yin Xinchi's team in a March 23 research note.

While sales are climbing, Leapmotor can keep its gross losses manageable and gradually narrow to near break-even through a series of cost-cutting measures and scale effects, the team said.

Leapmotor's gross margin in 2022 was -15.4 percent, better than the -44.3 percent in 2021. It had a gross margin of -6.9 percent in the fourth quarter.

The large improvement in both Leapmotor's revenue and gross margin in 2022 was mainly due to the growth in sales of the C series models and the obvious scale effect, the team said, adding that the company's average selling price of its products has increased with the product mix adjustment.

With the improvement of the sales network, overseas market expansion, and the application of new R&D results, Leapmotor's sales and profits are expected to further improve, Yin's team said.

The team expects Leapmotor's sales to start improving gradually in the second quarter, meeting the company's guidance of more than 30,000 units sold in the second quarter and revenue growth of more than 50 percent year-on-year.

In the third quarter, deliveries of the more profitable C01 extended-range electric vehicle (EREV) will begin, which is expected to further boost the company's sales and drive gross profit closer to break-even, the team said.

Leapmotor delivered 3,198 units in February, up 180.77 percent from 1,139 units in January and down 6.9 percent from 3,435 units in the same month last year, according to data released by the company on March 1.

Along with the delivery figures, Leapmotor announced the official launch of the C11 EREV, a rare shift back to internal combustion engines among Chinese electric vehicle startups.

($1 = RMB 6.8835)

Leapmotor delivers 3,198 vehicles in Feb, officially launches EREV model

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SAIC’s Rising Auto launches battery swap-enabled mid to large-size sedan F7

The Rising F7 starts at a price range of RMB 209,900 ($30,490) to RMB 301,900, or RMB 145,900 in battery rental mode.

(Image credit: Rising Auto)

SAIC Group's Rising Auto has officially launched the battery swap-enabled mid to large-size sedan, the F7, its second model.

The Rising F7 is available in six versions with a starting price range of RMB 209,900 ($30,490) to RMB 301,900, about half the price of the ET7, according to information announced by Rising Auto at last night's launch event.

The car supports battery swap as NIO's models and allows consumers to purchase the vehicle body and rent a battery.

If consumers choose to purchase the car without the battery, the Rising F7 will start at RMB 145,900.

The car is an all-electric mid to large-size sedan with a length, width and height of 5,000 mm, 19,53 mm and 1,494 mm respectively, and a wheelbase of 3,000 mm.

For comparison, the NIO ET7 measures 5,101 mm in length, 1,987 mm in width and 1,509 mm in height, with a wheelbase of 3,060 mm, and has a starting price of RMB 458,000 including the battery.

The Rising F7 is available in 64-kWh, 77-kWh and 90-kWh battery packs, providing CLTC ranges of 500 km, 576 km, 600 km and 666 km.

The car is available in single-motor rear-wheel drive and dual-motor four-wheel drive versions, with the single-motor model having a peak motor power of 250 kW and a peak torque of 400 Nm and accelerating from 0 to 100 km/h in 5.7 seconds.

The dual-motor model has a maximum total motor power of 400 kW and a peak torque of 700 Nm, accelerating from 0 to 100 km/h in 3.7 seconds.

The car's smart cockpit system, Rising OS, is powered by a Qualcomm Snapdragon 8155 chip and features a 43-inch integrated screen inside the car, including LCD instrument screen, an OLED center console and a passenger seat screen.

Like Rising Auto's first model, the Rising R7 SUV, the Rising F7 also supports battery swap, which can be completed in 2.5 minutes under ideal conditions.

It is worth noting that Rising Auto is in the beginning stages of infrastructure development, with only three battery swap stations in Shanghai and over 50 battery swap stations under construction in 10 cities.

For comparison, as of March 27, NIO had 1,325 battery swap stations in China.

Rising Auto, previously known as R Auto, launched the Rising R7 on September 28, 2022, its first model since rebranding. Deliveries of the model began in October last year.

In early September 2022, SAIC announced that it had joined hands with Sinopec, China National Petroleum Corp (CNPC), and Shanghai Automobile City to form a company specializing in battery swap services.

SAIC said at the time that its Rising Auto, Roewe, MG and Maxus brands would launch battery swap-enabled models.

Rising Auto delivered 1,501 and 1,523 vehicles in November and December, respectively, according to information it previously announced. The company did not announce deliveries this year.

($1 = RMB 6.8851)

SAIC's Rising Auto officially launches battery swap-enabled R7 SUV with subsidized starting price of $40,130

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Denza N7 expected to get over 30,000 orders before mid-year launch, exec says

Denza will announce the appearance of another SUV N8 in the near future, and Denza D9 MPV will next be sold in other regions including Hong Kong, Macau, Europe.

(Image credit: Denza)

's premium new energy vehicle (NEV) brand Denza began intensive warm-up for the Denza N7 SUV earlier this month, and now an executive has expressed optimism for the model's future sales performance.

Denza N7 has inspired much enthusiasm, and with the announcement of Denza's partnership with French high-end audio brand Devialet on March 22, there were many customers inquiring every day, Zhao Changjiang, general manager of Denza's sales division, said on Weibo yesterday.

Many people want to get the Denza N7 launched as soon as possible, and according to the inquiry volume data, the model is expected to get 30,000 orders before its launch in the middle of the year, Zhao said.

Zhao said in February that the Denza N7 would be released in the first half of this year.

On March 6, Denza unveiled official exterior images of the Denza N7 on Weibo, showing that the model restores much of the design of the brand's concept car INCEPTION, which was unveiled at the Chengdu auto show on August 26, 2022.

On March 9, the Denza N7 appeared in a regulatory filing list, and its key specifications were revealed.

The Denza N7 has a length, width and height of 4,860 mm, 1,935 mm and 1,602 mm respectively, and a wheelbase of 2,940 mm, according to the filing.

The model will be available in a single-motor version as well as a dual-motor version, with the former having a peak motor power of 230 kW and the latter having an additional motor with a peak power of 160 kW.

On December 20 last year, Zhao shared six spy photos of the SUV on Weibo, showing what the model might look like.

In the comments section of that Weibo, Zhao said the SUV aims to capture the market for traditional internal combustion engine cars priced around 400,000 yuan ($58,140).

In addition to mentioning his expectation of orders for the Denza N7 before its launch, Zhao also mentioned on Weibo yesterday that Denza will announce the look of another SUV, the N8, in the near future.

The Denza D9 has already been shown at the Thailand motor show and the MPV will be sold next in other regions including Hong Kong, Macau, and Europe for RMB 600,000-1 million, he said.

($1 = RMB 6.8801)

Regulatory filing: Here are core specs for BYD's Denza brand's new SUV, Denza N7

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Chery’s NEV unit cuts vehicle prices by up to 10%

In January-February, Chery's NEV sales were 13,293 units, down 57.6 percent from 31,367 units in the same period last year.

(Image credit: Chery New Energy)

Chinese auto giant Chery's new energy vehicle (NEV) division has slashed the prices of several models, becoming the latest car company to do so.

Chery New Energy announced today that official guide prices for three of its NEV models has been cut by up to 9,000 yuan ($1,310) starting at 00:00 on March 27.

The reduction covers the QQ Ice Cream, Little Ant and Wujie Pro, with the Little Ant's 408km range seeing an RMB 9,000, or 8.74 percent, price cut.

The QQ Ice Cream priced at RMB 39,900 saw a price reduction of RMB 4,000, or 10 percent.

Following this reduction, the QQ Ice Cream's latest starting price range is RMB 35,900 to RMB 45,900, the Little Ant is RMB 64,999 to RMB 94,000, and the Wujie Pro is RMB 84,900 to RMB 110,900.

This is due to the global price correction of new energy materials and the company's cost control and supply chain management capabilities, Chery New Energy said in an announcement.

The price of lithium carbonate, a key raw material for batteries, has fallen sharply in the past few months, with the current price having dropped about 50 percent from its high point last November.

As of March 24, the average price of battery-grade lithium carbonate in China was RMB 277,500 per ton and industrial-grade lithium carbonate was RMB 235,000 per ton, according to data from Mysteel monitored by CnEVPost.

While Chery New Energy attributed the price cuts to lower raw material prices, the recent price war in the Chinese auto industry and its weak performance so far this year may be the bigger reasons.

After cut prices earlier in the year, several NEV makers followed suit. Earlier this month, multiple traditional internal combustion engine automakers launched price wars with steep discounts.

These moves have increased the consumer's wait-and-see attitude toward car purchases and disrupted the industry, and last week, the China Association of Automobile Manufacturers (CAAM) called on all parties to help return the industry to normalcy.

For Chery, its performance at the beginning of the year was weak.

In January-February, Chery's NEV sales were 13,293 units, down 57.6 percent from 31,367 units a year earlier, according to data from the China Passenger Car Association (CPCA) monitored by CnEVPost.

($1 = RMB 6.8819)

CAAM calls for return to normal order in China's auto industry as price war disrupts sector

ModelVersionPrevious Price (RMB)Latest PriceChangeChange %
QQ Ice Cream120 km Milkshake39,90035,900-4,000-10.03%
QQ Ice Cream120 km Cone43,90039,900-4,000-9.11%
QQ Ice Cream170 km Sundae49,90045,900-4000-8.02%
Little Ant251 km Hot Love69,99964,999-5,000-7.14%
Little Ant301 km True Love Plus82,99977,999-5,000-6.02%
Little Ant301 km Half Sugar82,90076,900-6000-7.24%
Little Ant408 km Full Sugar103,00094,000-9,000-8.74%
Wujie Pro301 km Moshou89,90084,900-5,000-5.56%
Wujie Pro301 km Lingshou94,90089,900-5,000-5.27%
Wujie Pro301 km Shenshou99,90094,900-5000-5.01%
Wujie Pro408 km Moshou105,900100,900-5,000-4.72%
Wujie Pro408 km Shenshou115,900110,900-5,000-4.31%

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LiDAR-maker Hesai to set up software R&D headquarters in Chongqing

Hesai shipped 80,462 LiDAR units for the full year 2022, up 467.5 percent year-on-year.  |  Hesai.US

LiDAR-maker Hesai to set up software R&D headquarters in Chongqing-CnEVPost

(Hesai FT120 automotive short-range LiDAR. Image from Hesai prospectus.)

Shanghai-based LiDAR maker Hesai Group (NASDAQ: HSAI) signed an investment agreement with Chongqing Economic Development Zone on March 26 to build a software global R&D headquarters in the southwestern Chinese city, according to a report in Chongqing Daily today.

Hesai is a global leader in LiDARs for autonomous driving and advanced assisted driving, and Chongqing wants it to strengthen its cooperation with local car companies, the report said, citing the city's mayor, Hu Henghua.

Under the agreement, Hesai will build a software global R&D headquarters, set up an innovation incubation center and create a LiDAR industrial park in Chongqing's Economic Development Zone, the report said, without providing further details.

Founded in Shanghai in late 2014, Hesai initially focused on developing high-performance laser sensors and has been exploring driverless LiDAR products since 2016.

On February 9, the company made its NASDAQ debut, becoming the first Chinese LiDAR manufacturing company to list in the US.

Hesai shipped 47,515 LiDAR units in the fourth quarter, up 739.2 percent from 5,662 units in the same period in 2021, it said in its earnings report on March 16.

It shipped 43,351 ADAS LiDAR units in the fourth quarter, compared to 87 units in the same period in 2021.

The company shipped 80,462 LiDAR units in the full year 2022, up 467.5 percent year-on-year.

LiDAR-maker Hesai posts Q4 revenue growth of 56.6% YoY in 1st earnings report since US IPO

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Evergrande NEV warns risks of production halt if it can’t get additional liquidity

Evergrande NEV's only model currently on sale, the Hengchi 5, has delivered more than 900 units, according to an exchange announcement.

Evergrande NEV warns risks of production halt if it can't get additional liquidity-CnEVPost

(Image credit: CnEVPost)

Evergrande New Energy Vehicle Group (Evergrande NEV), the electric vehicle unit of China Evergrande Group, is at risk of discontinuing production after struggling to deliver hundreds of vehicles.

Evergrande NEV's only model currently on sale, the Hengchi 5, is continuing to be produced in volume, with more than 900 units delivered to date, according to an announcement the company made today on the Hong Kong Stock Exchange website.

In order to focus its financial resources on supporting the mass production of the Hengchi 5, Evergrande NEV has continued its cost-saving initiatives and has taken measures to reduce the workforce of its Swedish subsidiary National Electric Vehicle Sweden AB, according to the announcement.

However, Evergrande NEV will be at risk of shutting down production in the event that additional liquidity is not available, the announcement said.

The group will plan to launch several flagship models if it can seek more than RMB 29 billion ($4.21 billion) in future financing and hopes to get them into mass production, the announcement said.

Under this plan, Evergrande NEV's cumulative unleveraged cash flow from 2023 to 2026 is expected to be between RMB minus 7 billion and RMB minus 5 billion, the announcement said.

Trading of Evergrande NEV's shares in Hong Kong has been suspended since April 1, 2022, and the timing of restarting trading has not yet been determined.

Hengchi 5 is the first model in mass production of Evergrande NEV's Hengchi Auto, which started delivery on October 29, 2022.

The model is currently available in only one version, with a price of RMB 179,000.

On December 2, Reuters reported that Evergrande NEV suspended mass production of the Hengchi 5 due to a lack of sufficient new orders for the SUV.

A Securities Times report at the time cited people close to Hengchi as saying the brand planned to lay off 10 percent of its workers and would suspend payroll to 25 percent of its workers for one to three months.

($1 = RMB 6.8807)

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Alibaba-backed DeepRoute unveils self-driving solution that doesn’t require HD maps

Passenger cars integrated with Driver 3.0 will be available at an established car brand this year, DeepRoute said.

(Car integrated with Driver 3.0 HD map-free driving smoothly in Shanghai. Image credit: DeepRoute)

Many automakers in China are trying to move away from reliance on high-definition maps as they develop technology. Now, a technology provider has a solution that promises to speed up that process.

DeepRoute, a local self-driving startup backed by Alibaba, today unveiled its new Driver 3.0 solution, which it says is a solution that eliminates the need for high-definition maps and can facilitate mass production for automakers.

DeepRoute.ai is one of the first companies to successfully complete public road tests of autonomous driving without HD maps, thus breaking down the limitations imposed by geo-fencing, it said.

The company is also among the first to win production contracts from automakers to produce self-driving cars for consumer use, it said, adding that vehicles integrated with the Driver 3.0 self-driving solution will hit the market in 2023.

DeepRoute shared a video showing lane-level information around the car being generated in real-time without HD maps.

Driving on its own in Shanghai during rush hour traffic, the car interacts safely with pedestrians, e-bikes and others using the road and remains consistent in all road conditions.

It is capable of adaptive cruise control (ACC), stop and go, obstacle avoidance, unprotected left turns, and other technically complex maneuvers.

Driver 3.0 includes two versions of its autonomous driving solution for automakers, D-PRO and D-AIR.

D-PRO costs $2,000 in hardware and includes operations and features that do not require HD maps, such as Valet Parking Assist (VPA), and point-to-point navigation on all roads without operational design domain (ODD) restrictions.

D-AIR costs $1,000 in hardware and focuses on driver assistance that does not require HD maps, such as Automatic Cruise Control (ACC), Lane Centering Control (LCC), and Autonomous Emergency Braking (AEB).

Both versions of the Driver 3.0 solution accelerate automakers’ mass production plans because they comprehensively address concerns about the high cost of mapping and maintenance and the limitations of geo-fencing, according to DeepRoute.

“We focus on rapidly bringing highly advanced, affordable autonomous driving to automobile OEMs,” said Maxwell Zhou, CEO of DeepRoute.

Unlike most other autonomous driving solution providers, DeepRoute is focused on developing an autonomous driving framework and commercializing it by deploying ADAS capabilities first, Zhou said.

DeepRoute strategized the HD map-free approach back in 2020 and began working with OEMs last year based on this approach, he said, adding that without relying on HD maps, smart driving will be available everywhere and affordable for both automakers and consumers.

Passenger cars integrated with Driver 3.0 will be available at an established car brand this year, DeepRoute said, without mentioning the brand’s name.

DeepRoute was founded in February 2019 and became the first company to be able to conduct robotaxi passenger tests in Shenzhen in April 2021.

On September 14, 2021, DeepRoute announced the closing of a $300 million Series B round led by Alibaba, making it the first such company the e-commerce giant has invested in China.

The high cost of self-driving kits is one of the factors preventing the technology from being used at scale, and one of the goals of DeepRoute’s efforts over the past few years has been to bring the cost down.

On December 8, 2021, DeepRoute unveiled Driver 2.0 for under $10,000, nearly the same price as FSD and the lowest recorded in the industry. Driver 2.0 was available in brands including Lincoln and ‘s Geometry at the time of launch.

On April 20, 2022, DeepRoute announced its first fleet of 30 vehicles with the Driver 2.0 solution, which will be put into the company’s robotaxi operation in Shenzhen.

Chinese self-driving startup DeepRoute unveils L4 self-driving solution that costs less than $10,000

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CAAM calls for return to normal order in China’s auto industry as price war disrupts sector

Reducing prices to deal with inventory and properly recover costs are normal business practices, but these tactics should not turn into price wars, the CAAM said.

CAAM calls for return to normal order in China's auto industry as price war disrupts sector-CnEVPost

(Image credit: CnEVPost)

The price war is one of the most talked-about topics in China's auto industry this month, creating operational challenges for many car companies. Now, an industry association is calling for a return to rationality for all parties to bring order to the market.

The hype about this round of price cuts in China's auto industry should be cooled down as soon as possible so that the industry can return to normal operation and ensure healthy and stable development throughout the year, the China Association of Automobile Manufacturers (CAAM) said in an article posted on its WeChat account today.

In the article, titled "The current round of auto promotions should be treated rationally and the market should return to normal order as soon as possible," the CAAM argues that price wars are not a long-term solution and the auto market should return to normal order as soon as possible.

In the fourth quarter of last year, especially since the Covid outbreak in China in December, the pace of auto production and sales has been seriously affected, the article noted.

The overall sales of China's auto industry dropped significantly in January-February, inventories rose sharply, and automakers saw their operating pressure increase and took various measures to reduce inventories, the article said.

Some local governments have launched pro-consumption policies aimed at boosting local auto consumption and easing difficulties for car companies.

The reasons for this round of short-term promotions are multifaceted, and the companies offer a lot of discounts on models that are mostly long-stocked, old and stagnant inventory cars that have previously been available at considerable discounts, the CAAM said.

However, some marketing in the sales channels exaggerated price reductions to attract attention in order to increase customer acquisition, which is easily misleading, the CAAM said.

The CAAM calls for proper marketing and objective and accurate media reporting.

With the accelerated pace of transformation of the auto industry, traditional car companies are under the dual pressure of maintaining stable operations and making the transformation, with weaker profitability, the CAAM said.

Price cuts to deal with inventory and proper cost recovery are normal business measures, but these means should not turn into price wars, the CAAM said.

Price wars don't last, and value for money is the eternal law of business, according to the article.

Automakers should look at the long term and make more efforts in product technology, quality, service and brand power. Local governments should take the right approach in the process of stabilizing growth and promoting consumption, the article said.

"The government, enterprises and the media should look at this rationally and work together to maintain market order," the CAAM said.

The article also mentioned that China's new energy vehicle (NEV) sales reached about 7 million units last year, and the number is expected to reach 9 million in 2023.

However, internal combustion engine (ICE) vehicles are also accelerating technology upgrades and constantly adapting to changes in market demand, the CAAM said, adding that NEVs and ICE vehicles will coexist for a long time to come and can meet different consumer needs.

More Chinese EV makers promise no price cuts as price war intensifies consumer wait-and-see sentiment

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NIO’s 1st NIO House in Netherlands to open on Mar 23

The House is located in the Rotterdam Centrum neighborhood of Rotterdam, the second largest city in the Netherlands.  |  NIO US | NIO HK | NIO SG

(Image credit: NIO)

NIO (NYSE: NIO) will open its first NIO House in the Netherlands a day later, as the Chinese electric vehicle (EV) maker works to bring its entire service model from China to overseas markets.

NIO's first NIO House in the Netherlands will officially open on March 23 local time, according to a post by Ruben Keuter, general manager of NIO Netherlands, published today on the company's mobile app.

The NIO House is located in Rotterdam, the second largest city in the Netherlands, which is an important port connecting five continents.

NIO Houses is NIO's flagship showroom, which functions as a space to display and sell vehicles while providing a quality lifestyle for NIO owners. The company's showrooms also include the much smaller NIO Spaces.

The NIO House building generally consists of two areas, a display area for vehicle models, and a place with various functions for users.

With the NIO House, NIO hopes to make this lifestyle available to users in every city, so that outsiders will think that buying an NIO vehicle is not just getting a car, but joining a high-end lifestyle group.

The first NIO House in the Netherlands is located in Rotterdam's Rotterdam Centrum neighborhood, next to a new, chic and colorful variety of buildings, according to the article in the NIO App.

On October 1, 2021, NIO opened an NIO House in Norway, its first such facility in Europe.

NIO held the NIO Berlin launch event on October 7 European time, introducing its three latest models to European consumers -- the ET7, EL7 and ET5. The EL7 is known as the ES7 in China.

On October 18, NIO said it made the first ET7 deliveries in Germany and the Netherlands.

On December 1, the first NIO battery swap station in the Netherlands went online. On December 13, NIO announced that its second battery swap station in the Netherlands was put into operation.

Here are some images of Rotterdam shared by NIO.

NIO to launch ET5 shooting brake variant in Europe in June or July, says president

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