NIO ES8 electric SUVs are seen displayed at the second media day for the Shanghai auto show in ShanghaiOn Thursday, Chinese electric vehicle maker Nio announced plans for a "battery as a service" option with its cars.
The company's calling its new scheme "battery as a service," a subscription model allows customers to buy their vehicle as usual while leasing the battery for smaller monthly payments of about $150 per month. Nio's ES6 SUV will now start at about $40,000, only slightly more than Tesla's Model 3 sedan.
If the move becomes an industry-wide trend, analysts say it could help lower the barrier to entry for electric vehicles, which remain much more expensive than their internal-combustion counterparts on average. "A recent capital infusion makes for an atypical ownership structure," Piper Sandler analyst Alexander Potter
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