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William Lee talked about a number of issues in the interview, including sub-brands, cooperation with other car companies on battery replacement services, and priorities for 2024.
Nio (NYSE:NIO) spent 13.4 billion yuan ($1.86 billion) on research and development last year, said William Li, the electric vehicle (EV) maker’s founder, chairman and CEO. He said he would maintain that level this year as well.
According to a video of the interview released yesterday, Li made this comment in an interview with Cheng Li, founder of local car media Cheyun, on the sidelines of the China EV100 Forum in Beijing on March 16. mentioned.
Nio’s priorities this year include developing its sales network, charging and battery swapping infrastructure, second branding and next-generation model development, Lee said.
In the interview, Lee talked about a number of issues, including sub-branding and cooperation with other car companies on battery replacement services.
The following is an interview compiled by CnEVPost based on Chaeyun’s video, with text adjustments made without changing the meaning of the original text.
(Nio Founder, Chairman and CEO William Li (right) interviews Cheyun Founder Cheng Li on March 16, 2024.)
Q: Nio has made a lot of changes this year. Among them is a rare share that a while ago he shared on his WeChat status that the battery replacement service reached his 40 million. That photo revealed your status and you were a little excited and felt a sense of accomplishment.
A: People keep saying that Nio is investing a lot of money. In fact, since last year, some of our R&D investments have begun to yield tangible results for everyone.
Regarding the 40 million number you just mentioned, we have completed 40 million battery replacement services, which is a pretty big milestone.
Additionally, the long-life battery that I talked about the day before yesterday is, on the one hand, a breakthrough in technological development, and on the other, a breakthrough in our battery replacement and operation system.
For long-life batteries, we can adjust the price of our battery rental service.
For example, there is also a second brand that will be introduced soon.
Overall, where has Nio been spending its money over the years? What good is it doing? This message is gradually spreading to everyone. It will take some time to prove that we are on the right track.
Q: There are several barriers to entering the battery replacement business as the investment amount is huge. In addition to technological investments, there are also infrastructure investments. Since last year, Nio has been working on battery replacement with more of its allies, and this is a big move.
A: In Nioh, there were many things that were decided to be open from the beginning. For example, our charging stations have been in operation since day one, and now 82% of the power provided by Nio charging stations is for users of other brands.
From the beginning, the battery replacement business was conceived along the lines of openness. However, initially this could not be proven to be the right path and others were hesitant to use the service.
It is the same as cloud services on the Internet, and has been developed over many years and has a very long cycle.
In fact, replacing a battery is like a cloud of energy that needs to be cycled, and I think all this is very natural at the moment.
Changan, Geely, Chery, and JAC have already joined the service, and other companies are expected to join in the future.
Q: Has the actual work already begun?
It requires a process, they have to design based on our next generation battery pack, they have to modify the vehicle, and they have to go through a validation process. This process will take some time, but there’s no need to rush it.
Q: I’m very interested in Nio’s second brand, Ledao (乐道 in Chinese, Onvo in English).
A: This name means that everyone in the family will be happy and will be able to run the family well. It targets the family market and is designed to make families happier. Both purchase and usage costs are relatively cost-effective.
All of these are important, so we chose this name based on that philosophy.
Q: Actually, the name Alps is quite nice.
A: Alps (Chinese: 阿尔BI斯) is just a code name. The problem is that on the one hand it is too long, but on the other hand it is a European mountain. I think it’s fine as a code name.
Although the Alps are already well-known to many people, Ledao is actually more suitable for Chinese people’s tastes.
Q: How many cars does Ledao plan to launch in the future?
A: We have one this year, but basically we release one every year, and we don’t release too many models.
Q: How many models does the plan include?
A: We are currently planning three models.
Q: Will there be an SUV or sedan?
A: Those are them, anyway. Easy to understand for everyone.
Q: Is the price around 200,000 to 300,000 yuan?
A: Yes, from 200,000 yuan to 300,000 yuan.
Q: In the price range below 200,000 yuan, a new brand will appear on Nio.
A: Yes, we have a third brand that we plan to launch next year.
Nio wants to leverage its R&D investments into these relatively inexpensive mass-market brands so more people can experience new technology in smart electric vehicles.
Q: So do you think we still need a third brand?
A: Indeed, in the case of cars, it makes sense to have different brands covering different price points. There are limits to the price range that one brand can cover.
Q: This is a very important year for Nio and its competitors in this space, right?
A: Yes. On the one hand we have to survive, but on the other hand we have to lay a good foundation for the future. It’s so challenging and not easy.
Q: Unlike many companies, Nio is able to stick to a long-term strategy. What do you think of this?
A: Yes, our strategy has not wavered, but there is a lot of room for improvement in our execution.
This year, we will work to improve system functionality, cost control, and company-wide operational efficiency.
Q: Nio made adjustments to its sales force last year, including expanding its sales network. What will be the central direction of this year’s adjustment?
A: On the one hand, as you said earlier, our sales and service network, charging and battery exchange infrastructure will be our priorities.
We also have a second brand and are working on next-generation models.
On the R&D front, we will maintain intensive R&D investment. Last year, our R&D investment was RMB 13.4 billion, and we plan to maintain that level this year as well.
All in all, we are on our own path.
(1 dollar = 7.1984 RMB)
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