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Nio Working On Battery That Could Nearly Double EV Range, Tees Up Overseas Expansion

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Nio Working On Battery That Could Nearly Double EV Range, Tees Up Overseas Expansion

Nio Inc – ADR (NYSE: NIO) shares are moving higher amid a fresh set of catalysts.

The NYSE-listed ADSs of the Chinese EV maker, which violated the $30 level to the upside Thursday, held above the level in Friday's session. The upward momentum appears intact in Monday's session.

Nio's Big Battery Ambitions: Nio is working on a 150 kilowatt-hour battery with an objective of increasing the range of its EVs to over 900 km on a single charge, CNTech reported Friday, citing Nio CEO William Lin., who spoke at EP Club, the company's top user club.

The battery technology enhancements will help wring better mileage from a single battery in Nio's EVs than in fuel-efficient Japanese hybrids, the report said. 

Nio's ES6, which has a range of 430 km, could essentially double that range with the new battery pack. 

It is widely believed that Nio may choose to unveil the new battery pack at its Nio Day event in January.

Related Link: 3 Reasons Why Nio Shares Are Surging Thursday

Nio Lays Groundwork For European Ambitions: Nio has set up an overseas business unit that could handle overseas sales to Europe in 2021, the Chinese automotive news site Gasgoo reported, citing local media.

The overseas project is codenamed "Marco Polo," the report said. The company has earmarked a separate workforce for this unit, and added Nio is reportedly looking to sell 7,000 ES8 and ES6 SUVs in Europe within two years.

Nio is also planning to set up an overseas NIO House In Denmark's capital city of Copenhagen.

This is seen as an effort to capitalize on Denmark's drive to phase out fossil fuel vehicles by 2023 and also increase the sale of EVs to at least 1 million.

Nio's Sales Streak Continues: Earlier, Nio reported October deliveries that doubled year-over-year to 5,055 vehicles, comprising 1,477 ES8s, 2,695 ES6s and 886 EC6s.

This represented a record monthly number and the eighth consecutive month of year-over-year growth.

The next catalyst Nio's third-quarter report, which is scheduled for Nov. 17.

Analysts, on average, estimate a loss of 17 cents per share, much narrower than the year-ago loss of $2.38 per share. Revenues are expected to jump 145.6% to $644.68 million.

NIO Price Action: Nio shares were trading 7.62% higher at $32.91 at last check Monday. 

Related Link: Nio Reportedly Working On In-House Self-Driving Chips

Photo courtesy of Nio. 

 

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