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Alan Ai has stepped down as president of Onvo, with Shen Fei, head of Nio Power, taking over the role. Ai's resignation follows disappointing sales of the Onvo L60, which he acknowledged did not meet expectations, and he expressed his commitment to accountability for the brand's performance. Nio is undergoing organizational restructuring to enhance cost control and management efficiency.
Nio and CATL have signed a strategic agreement to jointly develop the world's largest battery swap network for passenger vehicles, enhancing capital and business synergies. This collaboration will leverage CATL's Choco-Swap technology and aims to establish unified battery standards, promoting efficiency and reducing costs in the new energy vehicle value chain. CATL is set to invest up to RMB 2.5 billion in Nio Power, further solidifying their partnership.
Shanghai will subsidize 40% of equipment investments for battery swap stations open to multiple brands, starting April 1, for five years. This initiative follows Hefei's recent support for the battery swap sector, as Nio continues to expand its network, boasting over 3,154 stations in China.
Analysts predict Nio's battery swap business will break even by the end of 2026, driven by rising car sales and an increase in daily services at swap stations. With expectations of significant vehicle deliveries—430,000 in 2025 and 563,000 in 2026—Nio's overall profitability is anticipated to improve, particularly in 2025. The company currently operates 3,131 battery swap stations in China, with Shanghai leading in profitability potential.
Shen Fei
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alan ai resigns as onvo president amid underwhelming vehicle sales performance
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04:03 02.04.2025
Nio and CATL partner to build world's largest battery swap network
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04:20 18.03.2025
Shanghai to subsidize battery swap station construction supporting multiple brands
08:47 10.03.2025
Nio's battery swap business expected to break even by 2026
03:42 27.02.2025
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