BaaS could become a systematic solution to the long-existing challenges for EV penetration, including battery degradation, battery upgradability, and lower resale value. The battery price is not included in the vehicle sales and neither are the finance payments. This means that the cost of switching to an EV will be significantly lower.
Drivers who choose to purchase Nio cars with BaaS can benefit from RMB 70,000 off the car price across all NIO models, and subscribe to a 70 kWh battery pack for only RMB 980 per month. The first BaaS user has already completed the purchase process including finance, car insurance and vehicle registration.
BaaS is based on Nio’s innovative battery swapping technologies and national network of 143 Power Swap stations and services. The company has already obtained more than 1,200 patents related to battery swapping and completed over 800,000 swaps for users. Recently, China’s first national electric vehicle battery swapping standard, of which Nio took the initiative in drafting together with China Automotive Technology & Research Center (CATARC) and other OEMS, has been approved, promoting the development of battery swapping technologies and services. This is further enhanced with the 2020 policy of national NEV subsidies that favour battery swapping technology. Electric vehicles costing over RMB 300,000 are now eligible for subsidies only if they have the capability of battery swapping.
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