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

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Chinese electric vehicle (EV) 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.

A NIO EP9 electric car is displayed at its store in Beijing, China August 20, 2020. REUTERS/Tingshu Wang

The service, called “battery as a service” , entails drivers paying a monthly rental fee for use of the batteries. “We believe with BaaS, more customers of gasoline cars will consider electric vehicles,” Nio’s chief executive William Li told reporters. Li also said the firm hoped to enter some international markets from the second half of next year starting with some European countries. He added the firm aimed to enter more markets from 2022.

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Never to own a car or its components again

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