NIO CEO talks US sales, calls out Tesla products, and says he’s a better dancer than Elon Musk
In a recent interview with German media, NIO CEO William Li covered a plethora of topics pertaining to the relatively young Chinese automaker, including its expansion in Europe and its plans for the US, which may now be on hold. Speaking of the US market, Li had some bold (and funny) words to say about Tesla and Elon Musk.
NIO ($NIO) is a publicly traded EV automaker founded in 2014 that currently sits as one of the leading electrified brands in China, despite only beginning to deliver cars four years ago. The automaker has a keen focus on the overall experience of its customers, a huge reason for its quick success and its ability to expand to consumers beyond its home country.
In May of 2021, the automaker announced plans to enter new markets outside of China, beginning in Norway. Germany was soon announced as NIO’s next target in Europe, and the first outside of China that will receive deliveries of its ET7 sedan.
During the launch of its ET5 sedan last December, NIO shared plans for additional expansion in Europe, including the Netherlands, Sweden, and Denmark. Overall, the automaker said it intends to have a presence in 25 different countries and regions by 2025.
We have often speculated about NIO’s intentions to enter the US market based on its previous movements, but the automaker has always denied any plans. Now, in a recent interview, NIO’s CEO said the US has been on the to-do list, but may be delayed because of the recently signed Inflation Reduction Act.
Still, NIO is already competing with Tesla in China and now Europe, and will eventually bring the battle to the American automaker’s home turf… and it could garner a dance-off.
NIO EV sales in the US in 2025? Depends on tax credits
In a recent interview with heise Autos out of Germany, NIO CEO William Li spoke to the automaker’s recent entry into Germany, (potential) plans for the US, and why it will become a profitable company much more quickly than Tesla. Better yet, Li wants NIO to become a top-five-selling automaker by 2030. To begin, Li spoke about what sets NIO apart from other car companies:
First of all, we are younger than the others (laughs). But joking aside, there are actually some differentiators. It starts with the fact that our product has been developed for the future. With the ET7, sensors such as the LIDAR radar are clearly visible and the interior follows the concept of mobile living space. We also offer an all-round carefree package with the battery-changing stations. We are more than a car manufacturer. We already have a community in China and want to find one in Europe as well.
Li gave a lot of credit to established German automakers who currently sell twentyfold what NIO does around the globe. He said that companies like Mercedes-Benz and Volkswagen Group know how car building works, and NIO can still learn a lot from them. Another automaker Li said NIO can still learn from is US automaker Tesla, although the CEO was also quite critical:
Tesla is a respectable car manufacturer and we can learn a lot from them. For example direct sales or how they have trimmed their production for efficiency. But NIO and Tesla are two different companies. Tesla focuses on technology and efficiency. Technology is also important to us, but we focus on the user. Tesla has played an important role in transforming the automotive industry toward electric mobility. Still, Tesla is under pressure. If they don’t improve their products fast enough or don’t provide good services, they will quickly be pushed out of the market.
Li cites staying power as a vital factor in finding success in the automotive industry, and believes NIO is in a marathon race while Tesla has been in more of a sprint. The next decade will truly show who is successful and who isn’t. When asked how he is different from Tesla CEO Elon Musk, Li had another cheeky response, setting the stage for a potential dance off:
I write my own Facebook posts to communicate directly with our users and not just make a Twitter statement. Besides, I’m the better dancer…
As the largest automaker by market cap, Tesla has had a target on its back for years, but if NIO does inevitably decide to bring its premium EVs to the US, it could make for one hell of a battle. When asked if and when NIO might start selling its vehicles on US soil, Li was quite candid about the company’s previous plans, and explained that a lot is up in the air right now. A similar sentiment shared by many foreign automakers hoping to qualify for federal tax credits. Per Li:
We only become active in a market when we have the right product and the right services for this region, and we planned to also become active in the USA by the end of 2025. But the US government recently passed the Inflation Reduction Act, making it harder for foreign automakers to produce and enter the market. We will therefore monitor developments closely.
Looking ahead, NIO will focus on ever-popular SUVs as well as smaller cars via its upcoming sub-brand, expected to begin delivering EVs by 2024. With this influx of quality vehicles offering better user experiences across multiple brands in global markets, NIO’s chief believes it will move out of the red and into profits sooner rather than later:
As a startup, it takes a while to be profitable. We have invested a great deal in the development of our cars and in the infrastructure, and thus in the future. We have a finely tuned plan to generate profits step by step. It took Tesla 16 years to become profitable. With NIO, this will be the case much faster.
We shall see.
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Cargo scooters are a rare breed, filling a niche that exists between typical e-bikes/e-scooters with minimal storage and larger cargo-specific models designed for utility. But that dearth of cargo scooters may be changing, based on several interesting new models we’ve seen lately, including the recently unveiled Lightfoot cargo electric scooter.
Yet unlike the few other cargo scooters rolling around out there, the Lightfoot has one major advantage: its built-in solar panels keep it charged up directly from the sun.
It’s not the first solar-powered scooter we’ve seen, but it’s definitely the most eye-catching model yet.
Developed by Otherlab, the Lightfoot electric cargo scooter features a pair of 120W solar panels on either side, hiding a large 45.2 L (12-gallon) storage compartment. One panel is hinged, opening the entire side of the vehicle for easy cargo access, then locking back in place for secure storage.
Also hidden away by those panels are the equally large UL-certified 1.1 kWh battery and the 600W on-board charger (just in case you do need to plug it into the grid for a quicker charge than you’d get from the solar panels). In fact, the company claims an 80% charge is possible in just 90 minutes from a 110V wall outlet. Based on the company’s figures, it looks like solar charging is likely to fill the battery at a rate of roughly 7-8% per hour (around 3 miles or 5 km of additional range per hour of sun exposure). That means heavy utility users will likely still rely on the wall plug from time to time, but there’s nothing wrong with outdoor parking helping to extend the range.
The company rates the scooter’s range as up to 37 miles (60 km) per charge and claims an extra 18 miles (30 km) of range can be added per day from the solar panels.
That means the scooter could actually be purely solar-charged when used for modest duty cycles, i.e. less than 18 miles (30 km) per day. As the company explained, “If you only need it for a few short errands a day, park it in your driveway and it will always be ready for you. For many riders, we’re hoping this means saying goodbye to plug-in charging altogether.”
With a 20 mph (32 km/h) top speed, the scooter is said to be “bike lane legal” without requiring any additional license or registration.
The Lightfoot is also designed to be easy to work on with minimal mechanical components. The dual motor system relies on hub motors instead of centrally mounted motors, meaning there are no chains or belts to deal with. Between those two 750W rated (1 kW peak) motors, the scooter should get up to speed pretty quickly while laying down nearly 2,000 watts of power.
The company is offering a 1-year warranty on the entire scooter, with an even longer 2-year warranty for the major components consisting of the frame, motors, controllers, brakes, lighting, and front suspension. The scooter is also covered by an “ironclad buy-back guarantee” with the company promising to buy the scooter back from any riders who are “unsatisfied with their purchase for any reason.”
Set to begin deliveries in January 2025, the Lightfoot is now available for purchase with an MSRP of US $4,995.
Electrek’s Take
Look, I’m split here. My inner mechanical engineer is drooling over this thing, while my inner MBA is wondering how you sell it to a broader market than… people like me. My two professional backgrounds have often been in conflict before, but this is peak engineer’s delight meets ultra-niche aesthetic.
Sure, I would 100% ride the hell out of this thing. I’d ride it everywhere with zero qualms about the appearance. But I’m probably not the best representative of the average scooter customer since I tend towards the tech nerd side of the spectrum. And so I hope that the Lightfoot can find wider appeal than I fear it may be limited to.
Oh, and for all of those ready to hammer out the “AcTuAlLy ThAt’S NoT tHe MoSt EfFiCiEnT WaY tO dO iT…” comments, I think that’s missing the point. The whole idea here isn’t to maximize every photon, but rather to not waste the ample sunlight that otherwise simply bakes the paint on every other scooter and moped out there (and don’t get me started on the “moped” linguistic purists). Sure, you’re probably only ever getting appreciable solar charging from one panel at a time, but why not maximize your chances of catching those rays whenever you can?
So all told, I love this thing. I just wonder how many people will love it as much as I do.
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Environment
Hyundai confirms IONIQ 9 SUV debut date while teasing first look at its ‘lounge-like’ interior
Hyundai will finally unveil its first three-row electric SUV, the IONIQ 9, at the LA Auto Show next week. With its debut around the corner, we are getting a sneak peek at the SUV’s “lounge-like” interior.
Hyundai IONIQ 9 will debut on November 21, 2024
The 2025 Hyundai IONIQ 9 will make its first appearance at AutoMobility LA (LA Auto Show) on Thursday, November 21, 2024.
Hyundai will hold a news conference inside the LA Convention Center to unveil its new flagship three-row electric SUV. The event will be live-streamed starting at 9:10 am PT (12:10 pm ET).
Although rumors claimed that Hyundai would reveal its new SUV at the LA Auto Show, this is the first time it has officially confirmed the debut date. Previously, the company left it open, saying it would make its first appearance in November.
Ahead of its official debut, Hyundai previewed the IONIQ 9’s “lounge-like” interior. Simon Loasby, head of Hyundai’s Design Center, boasted that “IONIQ 9 offers the ultimate lounge-like environment.”
The spacious and “nature-inspired” interior features Hyundai’s latest software and connectivity tech. Based on its advanced E-GMP platform, following the IONIQ 5 and 6, the larger SUV includes a flat floor for an open space cabin.
What to expect
Hyundai has been dropping new teasers leading up to its debut. Earlier this week, we got a look at the IONIQ 9’s new LED light bar, similar to the Tesla Cybertruck.
The IONIQ 9 features Hyundai’s new “Aerosthetic” design, which blends aerodynamics with a sleek aesthetic look.
Although prices and specs have yet to be revealed, the IONIQ 9 is expected to be similar in size to the Kia EV9. Also based on the E-GMP platform, the EV9 is 197.2″ long, 77.9″ wide, 70.1″ tall, with a wheelbase of 122″. That’s about the size of its Telluride.
However, with its flat-floor design, the EV9 provides more rear legroom (42″) than a Cadillac Escalade.
Kia’s three-row EV9 starts at about $55,000, so IONIQ 9 prices are expected to start at about the same or slightly higher. More premium trims could cost upwards of $80,000.
The IONIQ 9 will be built at Hyundai’s massive new Metaplant America (HMGMA) alongside the updated 2025 IONIQ 5 model. The new 2025MY has more range, features, and an sleek new design. It even includes a Tesla NACS charging port, which the IONIQ 9 is also expected to feature.
Hyundai said all US-made EVs qualify for a $3,750 federal tax credit. However, once the battery portion of the plant opens, they are expected to be eligible for the full $7,500. Until then, Hyundai is passing the $7,500 on through leasing.
Last week, Hyundai announced that 2025 IONIQ 5 prices will start at $43,975 (including a $1,475 destination fee). The extended-range SE RWD trim, with a range of up to 318 miles, starts at $46,550.
Check back next week for all the details on the new IONIQ 9 SUV. And keep an eye out for more teasers leading up to its debut on Thursday, November 21, 2024.
With the new 2025 IONIQ 5 arriving at dealerships any day, Hyundai is offering clearance prices on 2024 models. You can use our link to find the best deals on Hyundai’s IONIQ 5 at a dealer near you.
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Buy now, pay later firms like Klarna and Block’s Afterpay could be about to face tougher rules in the U.K.
Nikolas Kokovlis | Nurphoto | Getty Images
Klarna, which is known for its popular buy now, pay later business, announced Wednesday that it’s confidentially filed IPO documents with the SEC.
The Swedish payments company has yet to publicly file its IPO prospectus. The company said the offering would follow the SEC’s review process and is subject to market conditions.
Analysts recently valued Klarna, which was founded in 2005, in the $15 billion range. At its peak during the pandemic-led surge in fintech stocks and e-commerce, the company had a valuation of $46 billion in a funding round led by SoftBank’s Vision Fund 2.
But Klarna took an 85% haircut in its most recent primary fundraising round, in 2022, when the company raised money on a valuation of $6.7 billion.
In addition to SoftBank, Klarna’s roster of shareholders includes Sequoia Capital and London-based firm Atomico.
Klarna CEO Sebastian Siemiatkowski previously told CNBC in an interview that unfavorable rules in Europe on employee stock options could risk the company losing talent to U.S. tech giants such as Google, Apple and Meta.
Plans for an IPO have been in the works for some time. In a February interview with CNBC’s “Closing Bell,” Siemiatkowski said an IPO in 2024 was “not impossible.” Affirm, one of the company’s key competitors, went public in 2021 and is now valued at about $18 billion.
In August, Klarna said it swung to a profit in the first half of the year.
Klarna’s decision to go pursue a listing in the U.S. represents a major blow to European stock exchanges, which have been trying to encourage local tech companies to list at home.
The London Stock Exchange, for example, has made reforms to make the U.K. a more attractive market for tech companies to list, including the ability for founders to issue dual-class shares that enable entrepreneurs to maintain control over a company’s strategy and direction.
Siemiatkowski hadn’t previously committed to listing in one market over another, and London was among the markets he was considering for Klarna’s IPO.
However, in 2021 he said that the firm was more likely to list in the U.S. than the U.K., due in part to higher visibility.
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