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Ashley Palya
Dec 30, 2023
Watch out Tesla...
ELECTRIC vehicle company Nio created a new battery that can drive for 621 miles which outlasts its rival Tesla by over 200 miles.
The CEO of Nio, William Li, showcased the long EV mileage in a livestream where he traveled 14 hours in China from Shanghai to Xiamen on December 17.
The 621-mile EV battery is groundbreaking technology coming from Nio as it is the first of its kind to last so long.
Li made a 648-mile drive and still had three percent battery left, Business Insider reported.
The Nio EV battery lasted longer than expected.
He did not need to stop to recharge the EV during the drive.
The EV is powered by Nio’s 150 kWh battery.
Li said the battery has the highest energy density of any mass-produced EV battery on the planet, per Business Insider.
Nio has plans to start mass-producing the 150 kWh battery in April 2024.
But anyone interested in the EV should be prepared for a hefty price tag.
The battery alone costs $42,000, according to Nio.
Nio’s EV uses a different technique when it comes to its batteries as customers can have the option to rent a battery for their vehicle which then can be swapped out at charging stations for a charged one.
This allows customers to have a more affordable way of owning their vehicles.
As of December 2023, Nio has a market cap of $16.19 billion, per Companies Market Cap.
The company has had its ups and downs but has high hopes for what the future holds.
In 2020 it was worth $75 billion and in 2021 it was worth $50 billion, it added.
Nio started the hype over its impressive EV battery in 2022.
Nio compared to Tesla
Tesla EV batteries can on average last for around 336 miles on a single charge.
The Model 3 Tesla which is its lowest-range EV lasts for about 267 miles.
Tesla's Model Y has about a 330-mile range.
Nio’s new battery can best be compared to Tesla’s Model S which has the longest longest-range lasting at about 405 miles.