Nio is a listed, electric vehicle manufacturer, headquartered in Shanghai, founded in 2014, that IPO-ed in New York in 2018. It has partnerships with CATL and Sinopec.
The company opened its first battery swap station in Shenzhen, in 2018, which has since expanded to 200 battery-swap stations. The 2-millionth battery swap was completed in March-2021.
The Power Swap station 2.0 is scheduled to be rolled out in mid-2021, lowering the swap time to under three minutes, and carrying 13 battery packs.
We have reviewed ten of the company’s patents. We conclude it has a genuine moat in swappable batteries, which could only have been built up by an auto-maker that controls the vehicle and battery designs, as well as the battery swapping stations.