Nio To Team Up with CATL to Create Long-Life Batteries
China-based emerging EV maker Nio declared that it will team up with CATL to function on long-life EV batteries to help its battery swapping services. Nio also assured that it intends to establish a new EV brand, Onvo, in May 2024. In addition to this, according to the research report of Astute Analytica the global electric vehicle battery swapping market is growing at a compound annual growth rate (CAGR) of 24.9% during the forecast period from 2022 to 2030.
CATL and Nio signed a framework deal. The duo will generate battery systems with a more extended lifecycle for Nio's future battery-swapped vehicles. According to Nio, CATL maintains the artificial Solid Electrolyte Interphase (SEI) and other core technologies to allow long-life batteries.
Nio said the average warranty period for electric vehicle batteries is eight years. It is projected that nearly 20 million EVs will reach the end of their quality assurance period between 2025 and 2032. Car owners will encounter issues like a gap between an EV's lifecycle and its batteries and substantial battery replacement costs.
With over 2,300 swapping stations worldwide, Nio said it has become the largest battery-swapping network operator for smart EVs globally. It has partnered with Geely, JAC Group, Changan Automobile, and Chery Automobile for battery-swapping services.
Nio said it has set up a process system that covers the full lifecycle of batteries. The system uses battery data in swapping services to improve the longevity of batteries. The company also creates cathode, electrolytes, and anode materials to extend battery lifecycles.
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