The Shanghai-based carmaker posted a third-quarter net loss of 4.56 billion yuan (US$639 million), 24.8 per cent narrower than in the previous quarter.
Nio will team up with Zhejiang Geely to promote battery swapping technology as the two leading EV makers try to overcome poor charging infrastructure in the world’s biggest EV market.
In China, the world’s largest EV market, where ‘intelligent’ battery-powered vehicles are a must-have, Huawei Technologies, Baidu and Xiaomi are challenging established players and heightening concerns about overcapacity and a price war.
BYD, the world’s largest EV maker, expects its third-quarter earnings to hit an all-time high after it delivered a record number of cars to Chinese consumers.
Firm plans to open Shanghai showroom as early as December, as it joins foreign and domestic carmakers vying to take on Tesla in world’s largest electric car market.