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Chinese EV automaker NIO shared its Q4 2023 report today, followed by an analyst call that included some interesting updates about its plans for the year, expansion to new global markets, and the launch of not one but two EV sub-brands, including Alps.

NIO ($NIO) will be celebrating ten years of business this fall and, during that time, has trended upward as one of the leading EV automakers in China. In addition to developing luxury EVs like the ET7 and incoming ET9 (with the ability to shimmy), NIO has expanded to other adjacent technologies like chargers, battery swap stations, and even smartphones.

From a market perspective, NIO continues to expand out of its native China to markets in Europe and possibly the US in a year or two. After garnering billions in fresh funding in 2023, NIO sat poised to continue such expansions, including two new sub-brands, codenamed “Alps” and “Firefly.”

Earlier today, NIO shared its Q4 report, detailing the ups (and downs) of a challenging year, followed by a call with analysts that shared updates to its plans beyond China and the progress of launching the Alps brand, which has its sights set on Tesla from day one. Here’s the latest.

NIO-ET9-EV
Th new flagship NIO ET9 premium EV (Source: NIO)

NIO’s Alps brand to debut soon, first EV coming in Q3 2024

First, let’s start with the Q4 numbers. NIO reported RMB 17.1 billion ($2.38 billion) in revenue for Q4 2023, up 6.5% YOY but down 10.3% compared to Q3 2023. Gross profits for Q4 were RMB 1.28 billion ($177.8 million), up 105.7% year-over-year but down 16% compared to a quarter prior.

Losses were RMB 6.63 billion ($923 million), down 1.6% from Q4 2022 but up 36.8% compared to Q3 2023. Cash and cash equivalents, restricted cash, short-term investment, and long-term time deposits totaled RMB 57.3 billion ($8 billion) as of December 31, 2023.

The automaker delivered 160,038 EVs in 2023, up 30.7% compared to 2022.

Looking ahead, NIO looks to bounce back in monthly sales, which should be bolstered by the launch of its new sub-brand Alps. Shout out to CnEVPost for sharing live updates of the call with analysts following the Q4 financial report. Here are the key takeaways:

  • NIO will begin selling Alps EVs in 2024 and another lower-priced brand (Firefly) in 2025. The automaker is also considering selling these new models in other global markets.
  • NIO intends to sell both its own brand and Alps brand EVs later this year.
  • NIO EVs will remain focused on the premium segment and the ET5 will remain its most affordable model.
  • NIO brand will not join the ongoing price war in China, and Alps will prioritize deliveries over gross margins.
  • Alps has been specifically built to target the highly competitive Chinese market and will utilize NIO’s existing R&D and infrastructure rather than start with a clean slate.
  • The Alps brand EVs will vary to suit different size families and will be priced competitively.
  • Alps’ first model will be a direct competitor to the Tesla Model Y, and its Bill of Materials (BOM) costs approximately 10% less than Tesla’s.
  • The Model Y competitor will be followed with an Alps SUV for larger families, expected to debut in 2025.
  • A third Alps model is in development, but NIO is not sharing any more details at this time.
  • Alps will officially launch in Q2 2024, with the Model Y challenger to follow in Q3 ahead of mass deliveries in China in Q4.
  • NIO believes as of now, Alps can deliver previously outlined cost levels but will begin with relatively smaller delivery volumes compared to NIO EVs. It is targeting about 10,000 units built per month.
  • Alps will have its own sales network of at least 200 locations but will share aftermarket service and battery swaps with the NIO brand.

Lastly, NIO said its immediate focus is on the Chinese market but will continue to explore expansions to other international markets. For example, NIO intends to enter markets in the United Arab Emirates (UAE) this year.

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Airbnb just partnered with ChargePoint to help hosts install home EV chargers

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Airbnb just partnered with ChargePoint to help hosts install home EV chargers

Airbnb and ChargePoint have partnered to help homestay hosts install EV chargers in the US in the face of growing demand.

Airbnb reports that searches using its EV charger filter grew more than 80% from 2022 to 2023. 

Airbnb and ChargePoint will provide US hosts with discounts on home EV chargers and installation service. That includes an up to 36% discount on various ChargePoint home EV charger models that start from $399, and $100 off installation if it’s purchased on ChargePoint’s website.

Airbnb is also providing an additional $200 discount to the first 1,000 hosts that buy an EV charger through ChargePoint. 

Airbnb says that, according to its internal data, listings that offer a home EV charger are booked for more nights and generate more average income than listings without one. In searches for home EV charger availability in 2023, California, Florida, Texas, Arizona, Washington, and North Carolina ranked as the most popular states.

The homestay giant’s data unsurprisingly reflects larger US EV market trends – from 2022 to 2023, EV sales increased 60% year-over-year, with California, Florida, Texas, and Washington having the highest number of EV registrations.

“Ensuring all drivers are able to charge when and where they need to remains our top priority. Together with Airbnb, we are removing barriers to broader adoption of residential charging solutions for Airbnb hosts and enabling a frictionless charging experience for their guests,” said Rick Wilmer, CEO at ChargePoint. 

Read more: Tesla NACS cables are showing up on ChargePoint EV chargers


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Range Rover’s first electric SUV gets faster charging and more range with new battery tech

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Range Rover's first electric SUV gets faster charging and more range with new battery tech

After a first-of-its-kind collaboration, the Range Rover Electric will feature Fortescue’s advanced EV battery software. The battery tech, which will be first used on the Range Rover EV, is claimed to boost range with faster charging speeds.

Range Rover revealed the first images of its long-awaited fully electric SUV last month. The brand’s first electric vehicle is already generating strong interest ahead of its official launch later this year.

In February, the company revealed that over 16,000 potential buyers had signed up for the Range Rover EV waitlist.

You can see Range Rover has (for the most part) stuck to its roots with a traditional design you would expect from the luxury brand. As its “most refined” vehicle yet, the Range Rover EV features a simple, modernist design.

“Range Rover with electric power – means customary Range Rover luxury, refinement and capability plus near-silent fully electric propulsion; with effortlessly smooth and relaxed journeys,” according to Thomas Mueller, JLR’s executive director of product engineering.

The vehicle is undergoing extreme weather testing in places like the Arctic Circle and deserts of the Middle East.

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Range Rover Electric (Source: JLR)

Range Rover has focused on core component performance, including batteries and EDU, both of which are assembled in-house for the first time.

Range Rover Electric has new EV tech to boost range

With the electric propulsion developed in-house, Range Rover believes it will enable it to “exceed its already renowned performance on low-grip surfaces, ensuring all-terrain, all-weather, and all-surface capability.”

As another first for Range Rover, the EV features a new traction control system designed to enhance performance in slippery conditions.

Most recently, JLR signed a multi-year deal Tuesday to use software from Elysia, an EV battery tech spinoff from Fortescue. The company claims its software features best-in-class BMS algorithms and a powerful cloud platform to manage, optimize, and enhance performance.

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Range Rover EV testing in Sweden (Source: JLR)

The new intelligence software is designed to improve battery longevity, safety, and performance. It will be first featured in the upcoming Range Rover EV.

JLR claims buyers can expect faster charging times, improved reliability, and increased range. The software will be used to monitor all future JLR EVs.

The company says its new partnership is part of its Reimagine strategy that includes electrifying all brands by 2030.

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Range Rover winter testing (Source: JLR)

Two smaller EVs are expected to debut following the Range Rover and Range Rover Sport. According to rumors, they could include the Evoque and Velar models.

Range Rover’s first electric SUV will launch later this year. It will compete with the new Porsche Macan EV and other luxury electric SUVs.

More details, including specs and pricing, are expected closer to launch. Range Rover has said its first EV can navigate through 850 mm (33.5″) of water, which would top the GMC Hummer EV (32″).

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Rivian leak says R1 getting smaller, cheaper battery and heat pump in ’25

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Rivian leak says R1 getting smaller, cheaper battery and heat pump in '25

Rivian has applied to certify its 2025 model year R1T and R1S with the EPA, and the document reveals some big changes in store.

After seeing some camouflaged Rivians roaming around recently, we’re finding out information about what updates the company will make for the 2025 model year, with a document that was posted to Rivianforums.com.

The biggest changes relate to the battery and the addition of a heat pump, which helps efficiency in cold weather.

Rivian has four battery options – Standard, Standard+, Large, and Max. The Standard pack is still quite large at 106kWh, giving around 270 miles of range to the R1T and R1S when configured.

But 106kWh is still a lot of batteries, and is definitely quite a chunk of change to add to a car. Rivian’s R1 vehicles aren’t cheap, starting at $70k, and the company is further looking for ways to save cost as it works towards profitability.

So it looks like next year’s truck will shift to a lower-capacity lithium iron phosphate (LFP) battery. LFP batteries offer a number of advantages over NMC batteries, including cost, durability, and less conflict minerals which can make sourcing difficult. However there are a few downsides, like cold-weather performance and energy density.

LFP has lower energy density than NMC does, which means that in a world where everyone thinks range is the only number that matters and bigger always means better, manufacturers have hesitated to switch, particularly on higher-end vehicles. Although some of that is mitigated by LFP’s greater durability, which means manufacturers recommend that LFP batteries can be charged to 100% every day, whereas other EVs typically charge to 80-90% on a daily basis.

But given the cost and other advantages, we’re starting to see more LFP batteries in entry-level vehicles, keeping costs down (and/or margins up, as the case may be).

We’re not sure which option Rivian will opt for here. It could lower prices on next year’s model to induce demand, but it can also use this as an opportunity to save on costs and help get its margins up. If EPA range goes down (as it likely will due to lower total energy – but the new battery is also 152lbs lighter), it will likely have to offer some price cut to satisfy customers.

Other battery packs will likely remain the same, though perhaps with a few more miles due to other efficiency changes coming to the vehicle.

One change that might affect range is a change in wheels, as the document shows that Rivian is introducing new 22-inch aerodynamic wheels, and seemingly eliminating the 21-inch wheel option. We don’t know what the design will look like, but aerodynamic wheels can be a big efficiency gain (though larger wheels usually detract from efficiency slightly too).

Even more efficiency is brought with the addition of a heat pump, which was one of the few oversights on current R1 models. While those of us in California have no need for one of these, Rivians are popular in areas which see a lot of cold weather, and in the cold, EVs use a lot of heat to warm the cabin. Since EVs don’t have access to waste heat from the engine, that all has to be generated electrically. Heat pumps are 3-4x more efficient at generating heat than standard resistive heating coils are, which makes them a great way to improve cold weather efficiency – especially important for an “adventure truck” like the Rivian.

Rivian is continuing to use CCS for its onboard charge port instead of NACS, at least for 2025. Rivian has started shipping NACS adapters to owners so that their cars can be used on Tesla’s Supercharger network, with the eventual understanding that the cars would get NACS ports themselves. Rivian originally said that its cars would have NACS starting in 2025, but that timeline seems to have been pushed back. Current Rivians can charge at peak 220kW, though the upcoming LFP battery will have a lower peak of 210kW.

Beyond the charging and efficiency changes, the new model year will apparently have a new base trim of some sort (which we have no details on), and will relocate the AC compressor to reduce vehicle noise and vibration.

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