Chinese EV maker Nio launches battery leasing service, eyes global market

Chinese electric vehicle maker Nio Inc has launched a battery leasing service that will allow drivers to buy an EV without owning the battery pack - one of the most expensive EV components - thereby lowering the starting price of its cars.

The service, called"battery as a service" , entails drivers paying a monthly rental fee for use of the batteries.The cheapest Nio car after subsidies is now an ES6 sport-utility vehicle priced 273,600 yuan without ownership of the battery pack, versus 343,600 yuan including the pack. Nio operates 143 battery-swapping stations around China, where drivers can swap spent battery packs for fully charged replacements. Li said Nio was building a new battery-swapping station in China every week and planned to build 300 new stations next year.

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