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CATL is negotiating to acquire a controlling stake in Nio Power after investing RMB 2.5 billion in March. Nio Power, valued at over RMB 10 billion in 2024, saw its valuation drop to around RMB 10 billion, suggesting CATL could secure a 25% stake through this investment. Nio, a leader in battery swapping, continues to expand its network with CATL's support.
Nio has announced leadership changes at its mass-market brand Onvo to tackle slow sales and enhance operational efficiency. Alan Ai Tiecheng has stepped down as president, with Fei Shen, previously head of Nio's energy business, appointed as his successor. The restructuring aims to improve sales performance and streamline operations, with a goal of achieving profitability by Q4 2025.
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 has initiated an internal restructuring to achieve profitability by Q4 2025, implementing a management system focused on core business units (CBUs) to enhance efficiency and cut costs. Projects will be evaluated based on return on investment, with unprofitable initiatives being terminated. This shift comes amid challenges in China's EV market, as the company moves away from brand-building and R&D investment to prioritize financial sustainability.
Nio's CEO William Li announced a significant product roadmap, with a highly anticipated model set for release in Q4, alongside the Onvo L80. He emphasized the company's goal of achieving profitability in the same quarter, stating that failure would test Nio's business model. Li also highlighted the importance of expanding into international markets and the strategic partnerships needed for success.
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.
William Li, CEO of Nio, emphasized the need for cost control and efficiency in an internal speech, aiming for profitability in the fourth quarter. He highlighted the importance of evaluating investments, particularly in R&D and marketing, and urged employees to abandon outdated practices. Nio is restructuring with a focus on the Cell Business Unit mechanism to enhance management and resource allocation.
Nio will open test drives for its ET9 executive sedan next weekend, showcasing its SkyRide chassis capabilities. The vehicle demonstrated impressive stability while navigating a ramp at 80 km/h, with deliveries expected by the end of the month. The ET9 features the world's first integrated hydraulic fully active suspension, enhancing ride comfort and safety.
Nio's F2 factory has enhanced its automation with the addition of robotic quality inspectors, as shared by CEO William Li on Weibo. These robots efficiently perform tasks such as plugging in, photographing, and inspecting vehicles post-production. The factory, located in Hefei, Anhui province, is part of Nio's strategy to ramp up automation, following the introduction of humanoid robots like UBTech's Walker S for quality checks.
Nio has laid off approximately 10% of its workforce across various teams, primarily affecting the sales and service segments, with significant cuts in the UR Fellow department. The company is restructuring to enhance cost control amid disappointing sales figures for its sub-brand Onvo, which has struggled to meet targets since the launch of the L60 model. Despite these challenges, Nio's battery swap stations are reportedly nearing profitability, with construction costs significantly reduced.
William Li
People
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