Chinese EV maker NIO wants to sell electric cars in the US by 2025
Up-and-coming EV maker NIO aims to sell cars in the US by 2025. The company plans to import premium Chinese-made EVs to the US as it looks to expand its market.
CEO of NIO in the US, Ganesh Iyer, revealed the EV maker’s vision at the NextChina Conference on Thursday, according to Nikkei.
“My goal, and my commitment to this company, is I want all of us to buy a Nio car from our personal paycheck one day,” Iyer said.
The company’s US leader explained, “I hope that ‘one day’ will be sooner, which means we need help from everyone — government, policymakers, supply ecosystem [and] infrastructure readiness.”
NIO wants to enter the US EV market by mid-decade as part of a 25-country/region expansion. The news comes days after NIO delivered its first EL6 model in Europe.
Despite selling a record 55,432 EVs in the third quarter, NIO has struggled with widening losses all year.
NIO looks to sell EVs in the US despite struggles
In an internal memo review by Bloomberg Friday, NIO CEO William Li announced the company will cut about 10% of its workforce. Li apologized to those affected, saying, “This is a tough but necessary decision against fierce competition.”
NIO, like many automakers, has struggled with the ongoing EV price war, especially in China. The EV maker slashed prices in June by $4,200 (30,000 yuan) to keep pace.
NIO’s higher prices could be an issue in the US market, too. Aggressive price cuts led by market leader Tela have forced other automakers, including Ford and Hyundai, to follow.
NIO will face another disadvantage in the US with the $7,500 tax credit provided to EVs made in North America with domestic batteries. However, as Iyer explained, NIO’s models are too expensive to qualify anyway.
“You don’t want to drop the price just for the sake of dropping the price.” Iyer said, “So as the IRA is written today, from a strict price standpoint, our vehicles will not qualify for IRA. Period.”
Other foreign automakers, like Hyundai, are already building EV capacity in the US. Hyundai is building a $7.6 billion EV plant in Georgia, drawing in a flock of suppliers. Georgia has attracted over $25 billion in EV investments and creating 29,000 jobs.
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Jakub Porzycki | Nurphoto | Getty Images
Bitcoin reached a fresh all-time high near $81,000 and futures premiums soared, in a clear sign that investors believe the record-run in the world’s largest cryptocurrency is poised for even more gains on the back of U.S. elections that saw a swell of pro-crypto candidates win office.
Open interest in bitcoin’s price surpassing $90,000 rose to more than $2.8 billion on the popular Deribit derivatives exchange, one of a few crypto native platforms that offers futures trading. Deribit encompasses most of the offshore options market.
“The options market’s bias is heavily toward continued momentum. Call options trade at a premium to puts, and open interest in out-of-the-money calls has grown,” Vetle Lunde, head of research at K33 Research, told CNBC.
A call option gives the buyer the right to buy shares of an underlying asset at a certain price for a specified period of time. Buying a call option is a bet the asset price will move higher. Buying a put option is a bet the asset price will fall.
The CME derivates exchange offers bitcoin futures contracts and is a popular way for institutions in the U.S. to make bets on the future price of bitcoin. Velde told CNBC that on Friday CME premiums for ether and bitcoin averaged 14.5% and 14%, respectively. Ahead of the election, Velde says these premiums sat at 7%, and had spent a majority of the past half year hovering slightly below 10%.
“The recent surge is a meaningful deviation higher emphasizing the bullish flows of late,” he added, noting that yields more or less stabilized well into the double digits after the election became clear.
“Alongside the growth in leverage, we saw the first meaningful example of growing yields in offshore derivatives, indicative of the move being led by determined risk-takers positioning for further upside,” said Velde.
The early innings of bitcoin’s push higher coincided with substantial growth in open interest in perpetual swaps, or contracts that allow buyers to speculate on where they think prices are headed without a set expiration date.
But liquidity in crypto markets on weekends is typically poorer than during weekdays, as neither CME futures nor ETFs are open to trade, so moves thus tend to overreact and substantially retrace once these markets open again, according to Velde.
President-elect Donald Trump promised on the campaign trail to turn the United States into the “crypto capital of the planet.” His multiple pledges to the crypto community included launching a national crypto stockpile with the more than $16 billion in bitcoin the U.S. government has amassed through asset seizures, as well as slashing interest rates. The easing of monetary policy typically dovetails with a surge in crypto prices since it makes it cheaper to borrow money.
The Federal Reserve, which guides the country’s monetary policy, sets the benchmark rate. It also, by design, operates independently from the White House. On Thursday, the Fed approved its second consecutive interest rate cut.
On the back of election results and the Fed’s unanimous vote to again slash the benchmark rate, the crypto market broadly surged into the weekend. Ether eclipsed bitcoin’s rise, up 30% in the last seven days, and solana’s market cap topped $100 billion on Sunday.
The total market cap of all spot bitcoin ETFs is now above $80 billion, and in the last three trading days alone, the spot funds collectively added $2.3 billion.
Within fintech, companies tied to crypto were some of the top performers, after candidates funded by the crypto industry won races up and down the ballot.
Coinbase shares jumped 48% for the week, their strongest performance since January 2023. Coinbase was one of the top corporate donors in the election cycle, giving more than $75 million to Fairshake and its affiliate PACs, including a fresh pledge of $25 million to support the pro-crypto super PAC in the 2026 midterms.
Trump has vowed to oust SEC Chair Gary Gensler, which potentially bodes well for companies like Coinbase fighting the regulator in court over alleged securities offenses.
“Tuesday night was certainly a big night for crypto and the crypto voter,” Coinbase’s chief legal officer Paul Grewal said in an interview. “We’re going to have the most pro-crypto Congress ever, and Coinbase has played some part in all of that.”
Robinhood, which allows users to buy and sell a number of digital currencies, rose 27% for the week. The online brokerage received a Wells Notice from the SEC in May, a move that often precedes formal charges.
Robinhood’s general manager for its crypto unit told CNBC that the goal at Robinhood is to be able to work within the administration.
“If you think about crypto, it’s a very fast-moving pace. It’s complicated, it was made by engineers, for engineers,” said Johann Kerbrat, the Vice President and General Manager of Robinhood Crypto. “We want to help policymakers to understand it and help them drive the right protections for the customers.”
In a bid to clean up its streets in more ways than one, the city of Madison, Wisconsin has added two Class 8 electric trucks to its garbage fleet earlier this year in the form of a pair of Mack Electric LR HDEVs … and the city already has plans to add two more.
In 2017, the city of Madison became the 25th North American city to set a zero-net carbon goal for for city operations by 2030 and the city as-a-whole by 2050. To that end, the city has begun electrifying its heavy truck and equipment fleet with the deployment of two Mack Electric LR HDEVs – reportedly the first two Class 8 BEVs to deployed in America’s dairy land.
“One of the reasons we’re going all-in on electrification is because it’s better for the environment,” explains Madison Mayor Satya Rhodes-Conway. “These refuse trucks hit every single block in the city of Madison. That is a lot of diesel fumes in our neighborhoods. If we can take even one diesel truck off of the streets … it is a win for our community.”
The big Class 8 Mack Trucks are powered by a pair of electric motors putting 400 combined kW (about 536 hp) through a 2-speed Mack Powershift transmission that offers a barely believable 4,051 lb-ft of peak torque output. That’s over 40% more power than the first generation LR Electric released in 2019 – and this iteration can charge the 376 kWh batteries fully in under two hours at 150 kW.
The two trucks are charged overnight at the city’s truck depot, using a pair of ChargePoint-provided DCFC dispensers.
“Five years ago, Madison had no electric vehicles in its fleet,” continued Mayor Rhodes-Conway. “Today, we have more than 100 full electric vehicles, 150 hybrids, and, thanks to the Biden-Harris administration, 62 new electric buses that will serve our bus rapid transit system. Electrifying heavy-duty vehicles is on the forefront of zero-emissions technology. Madison will help demonstrate the performance of these new electric garbage trucks in real-world conditions and help quantify the long-term savings associated with eliminating fossil fuel costs and reducing maintenance expenses.”
Electrek’s Take
Municipalities all over the country are starting to understand that electric garbage trucks offer real advantages – and not just financial or environmental ones – that make life for people who live and work with and near them a whole lot better. Madison’s mayor obviously gets it, and these two Mack HDEVs will surely not be the last.
SOURCE | IMAGES: Mack Trucks, via Facebook.
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With Camp Mode, Tesla started a new era for car campers. Quiet climate control, a multimedia entertainment display, a glass roof, and a large rear flat compartment area that easily fits most 6′ adults with a mattress mean that hotels on long solo drives are now optional. It can also be a nice camping option for those who don’t want to sleep on the ground, a convenient nap spot, or a nice place to relax and (Netflix and?) chill with that special someone.
When my dad got sick during Covid, I spent a lot of time on the road driving from New York to Ohio. I’d leave at night and usually start to get tired somewhere near the middle of Pennsylvania. Instead of getting a COVID-friendly hotel room, I’d just pull into a parking spot near or adjacent to a Supercharger. At the time, I was using a Havnby roll-out mattress, which was comfortable but really didn’t have the back support of a thicker mattress. Because I only planned to sleep about 4-5 hours, the mattress worked mostly fine and saved much time and money.
Unfortunately, the rollout mattress has some downsides. For one, it leaves lots of room on the sides and below for things to fall down. Phones, glasses, and wallets were all susceptible to these gaps, especially after tossing and turning. The worst part is that the pillow would often fall down behind/between the front seats.
Also, in terms of support, the mat doesn’t have great support for hips and back and required occasional mid-sleep movement to avoid pain.
So that’s where the larger inflatable mattress comes in…
Havnby’s air mattress fits inside a bag that can be stored in the Model Y subfloor “tub” or in the frunk for emergencies and that’s where mine usually lives. I also can easily fit some sheets, a blanket and a pillow/case as well. This is nice because you never know when the sandman is going to come in the middle of a long drive.
Deploying the air mattress can be done in under 60 seconds and as you can see in the video above, can be done with one hand. Steps:
- Put down the back seats (can be done from rear)
- Open Tub false floor and put bag on floor.
- Lay out deflated mattress with inflator on your left side
- Find 12V lighter adapter and plug into lighter receptacle. Turn dial to “inflate”.
- As it inflates, grab sheets and put them on
- Grab pillow and blanket and it is sleep time!
The air mattress expands to the edges of the seats and rear compartment and hugs the doors and wheel wells, not only ensuring the maximum amount of car camping square footage but also making it hard for things to fall around the sides. At 4.5-inches of thickness and sloping to 7 degrees of the rear seat incline, the air mattress, when inflated, is many times more comfortable than the other mats. I’ve noticed that it stays inflated particularly well over not just one but multiple nights.
If I had one complaint, it would be the quality of the 12V adapter wire, which seems a little tiny. I haven’t had problems in months of use, but if I had to guess which part would eventually wear/break, it would be this. Of course, this would be a quick and cheap repair.
Tesla does make its own similarly-priced air mattress for the Modely Y but it is thinner, has a separate inflator and is typically out of stock.
If space and budget are flexible, you can do what I do and put a mat mattress on top of the air mattress for the most comfortable, yet still portable solution. With the glass roof and premium sound, I’m tempted to forgo my regular bed and sleep on clear nights under the stars!
The experience has been amazing. You can listen to music or watch movies in a glass-roofed, temperature-controlled environment.
Grab the Havnby Tesla Model Y mattress ($249) or many of their other Tesla accessories at the online store and get a free gift. Makes an amazing holiday present for hard to shp for Tesla Model 3/Y owners. Check out other gift ideas in Electrek’s Tesla Shop.
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