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Category: eMobility
BYD rolls out 1st energy storage system using blade batteries
BYD has been using blade batteries in its full line of passenger cars and released a bus chassis platform using blade batteries in September last year.
BYD is starting to use its signature blade battery in its energy storage systems, marking another major use of the battery technology in the company's business after passenger cars and electric buses.
BYD launched its first energy storage system based on blade batteries, the BYD MC Cube, at a solar-related trade show today, according to a live video replay.
The energy storage system is equipped with blade battery cells that have passed pinprick tests and adopts a technology called CTS (cell to system).
These blade batteries use a module-less, pack-less design and are integrated directly into the system, reducing the number of components by about 36 percent, the company said.
This approach improves space utilization by about 98 percent, allowing for a structural strength improvement of about 30 percent.
In March 2020, BYD officially unveiled its blade battery based on lithium iron phosphate chemistry, and in July 2020 it launched its flagship sedan Han, the first to carry the battery.
To date, the new energy vehicle giant's entire lineup of passenger cars uses the battery.
On September 19, 2022, BYD brought the battery technology to electric buses by debuting what it called the eBus Blade Platform, a bus chassis technology platform that uses the blade battery, at the IAA Transportation event in Hannover, Germany.
It is worth noting that BYD's previously announced 2022 annual report provides more details about this energy storage system.
BYD MC Cube is a new generation energy storage system with ultra-high capacity density, ultra-safety, ultra-long life and ultra-low cost built by BYD to gain the No. 1 share of the global energy storage market, according to the report.
BYD had already been developing four models of that energy storage system in February 2022, and they would all begin mass production in March 2023, the report said.
When assembled into 20-foot containers, the energy storage system can have a capacity of 5.36 MWh per unit.
BYD's MC Cube highlights the technical capabilities of BYD's energy storage system innovation, which is expected to accelerate the world's energy revolution process, the annual report said.
BYD's installed power and energy storage battery capacity in April was about 9.954 GWh, up 59.47 percent from 6.242 GWh in the same month last year and up 0.64 percent from 8.952 GWh in March, according to data it announced on May 2.
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LiDAR maker Hesai posts record Q1 revenue
Hesai began trading on the Nasdaq on February 9 and has suffered a prolonged sell-off since then, with a cumulative decline of more than 60 percent to date.
Chinese LiDAR maker Hesai Group (NASDAQ: HSAI) posted record revenue in the first quarter and improved gross margins compared to the fourth quarter of last year.
Hesai reported a net income of RMB 429.9 million ($62.6 million) in the first quarter, up 73.0 percent year-on-year, according to the company's earnings report, which was released after the US stock market closed on May 23.
The company reported product revenue of RMB 424.1 million in the first quarter, up 77.7 percent from RMB238.7 million in the first quarter of 2022.
This was due to increased demand for autonomous mobility and ADAS LiDAR products as volume production of the AT128 began in the third quarter of 2022, Hesai said.
Hesai shipped 28,195 ADAS LiDAR units in the first quarter, compared to 222 units in the same period in 2022.
It shipped a total of 34,834 LiDAR units in the first quarter, up 402.9 percent year-on-year.
Hesai's gross margin for the first quarter was 37.8 percent, up from 30.0 percent in the fourth quarter, but down from 50.9 percent in the first quarter of last year.
The decline was due to increased shipments of lower-priced ADAS LiDAR products during the ramp-up stage with a lower in-house plant capacity utilization rate.
It reported a cost of revenue of RMB 267.3 million in the first quarter, up 119.2 percent year-on-year, caused by higher shipments of LiDAR products, partially offset by a decrease in unit costs.
Hesai's sales and marketing expenses for the first quarter were RMB 35.4 million, an 83.1 percent increase from RMB 9.3 million in the first quarter of last year.
The company's general and administrative expenses for the first quarter were RMB49.5 million, an increase of 10.8 percent from RMB 44.7 million for the same period in 2022.
Hesai's research and development expenses for the first quarter were RMB 208.5 million, an increase of 99.2 percent from RMB 104.7 million for the same period in 2022.
This year-on-year increase was primarily due to the recognition of one-time stock compensation expense of RMB 66.7 million related to stock options granted under the performance conditions of the IPO and increased payroll expenses of RMB 28.3 million due to an increase in R&D staff, Hesai said.
Hesai reported a net loss of RMB 118.9 million for the first quarter, compared with RMB 25.1 million for the same period in 2022.
Excluding stock-based compensation expense, it reported non-GAAP net income of RMB 1.6 million in the first quarter, compared with RMB 2.1 million in the same period in 2022.
It reported basic and diluted net loss per common share of RMB 0.98 for the first quarter, and non-GAAP basic net income per share and non-GAAP diluted net income per share of RMB 0.01.
Cash and cash equivalents and short-term investments were RMB 3,141.4 million as of March 31, 2023, compared to RMB 1,859.1 million as of December 31, 2022.
Hesai expects second-quarter net income to be in the range of RMB 410 million to RMB 430 million, an increase of about 94.3 percent to 103.8 percent year-on-year.
Hesai began trading on the Nasdaq on February 9 under the ticker HSAI and has suffered a prolonged sell-off since then, with a cumulative decline of more than 60 percent to date.
The company closed down 2.8 percent to $9.37 on Tuesday, with a total market capitalization of about $1.18 billion. It was down 1.28 percent in Tuesday's after-hours trading.
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NIO counting down to new ES6 launch, deliveries ready to go
Some auto bloggers on Weibo said NIO is gearing up for deliveries of the new ES6, which could start even as soon as the launch event is over.
NIO (NYSE: NIO) is counting down to the launch of the new ES6, with the model that will be key to reversing its weak sales trend less than eight hours away from its official launch.
Visitors to NIO's website can see the countdown, and as of press time, the launch event for the new ES6 is 7 hours, 30 minutes, and 30 seconds away.
The launch event of the new ES6 will begin at 7:00 pm Beijing time on May 24 (7:00 am US Eastern time on May 24), and viewers will be able to watch a live video stream on channels including the NIO App, NIO.com, and NIO Weibo.
NIO announced on May 16 that test drives of the new ES6 will be available starting on launch day and deliveries will begin on May 25.
This will be NIO's fastest model from official launch to delivery, as its local peers, including Li Auto (NASDAQ: LI), have proven that efficient delivery is critical to success in the highly competitive Chinese EV market.
Some auto bloggers on Weibo said that NIO is already preparing for deliveries of the new ES6, which could start even at the end of the launch event.
NIO originally said deliveries of the new ES6 would start on May 25, but because buyers want to get their hands on the new car as soon as possible, deliveries could start tonight, according to Wu Ying, an auto blogger with 970,000 followers on Weibo.
"What I know so far is that there are already a few cars in Shenzhen that are being readied and will be available for delivery at the end of the launch tonight," he said.
(Image credit: Wu Ying on Weibo)
Notably, NIO has not yet announced the price of the new ES6, which is expected to be below RMB 400,000 yuan ($56,700).
NIO gave the new ES6 its debut on the first day of the Shanghai auto show on April 18, when it began allowing consumers to pay an RMB 5,000 deposit to reserve the model.
On May 11, a large number of NIO App users received a push message from NIO containing a questionnaire asking them to vote on what they thought was a reasonable price for the new ES6.
NIO offered six options in that questionnaire: below RMB 368,000, RMB 368,000, RMB 378,000, RMB 338,000, RMB 398,000, and RMB 398,000 or more.
On May 20, NIO announced that the new ES6 show cars were available at nearly 300 NIO stores in 92 cities.
On May 22, it said the model was available in more than 330 NIO stores in 100 cities.
NIO's showrooms include the flagship NIO Houses as well as the smaller NIO Spaces, and they numbered 110 and 270 in China, respectively, as of April 30, according to data it released on May 1.
NIO released its first-generation ES6 in December 2018 and began delivering the model in China in June 2019.
Available data for 2022 show that from January to August, 32,877 ES6 units were delivered, contributing 46 percent of NIO's total deliveries of 71,556 units for the period.
The wait for the new ES6 by potential consumers may have depressed NIO's deliveries.
In the first three weeks of May, insurance registrations for NIO vehicles were 3,700, according to data from earlier this month.
($1 = RMB 7.0554)
China NEV insurance registrations for week ending May 21: Li Auto 7,100, XPeng 1,500, NIO 1,400
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