Nio Launches 75kWh Hybrid Cell Battery Pack — Report

China-based electric vehicles (EV) maker Nio, Inc. (NIO) has launched the 75kWh standard range version of its hybrid cell battery pack, according to a report published by StreetInsider.com. The new battery provides accurate charge estimates, a longer winter range and the same performance as ternary lithium batteries.

Nio develops, produces and sells smart and connected premium EVs in Germany, the U.K., the U.S., Hong Kong and China. It also offers value-added services and charging solutions. Shares of the company closed 0.9% higher on Thursday. The stock rose another 0.4% in extended trade to finally close at $36.14.

Nio has started accepting orders for the new battery pack with deliveries likely to commence in November. (See Nio stock chart on TipRanks)

It said, “Both the 75kWh pack and the long-range 100kWh lithium-ion battery pack will be available for new vehicle orders. Prices of models with the 75kWh pack and the battery rental program BaaS (battery as a service) are the same as the previous 70kWh pack.”

Users can choose between 75kWh and 100kWh packs for currently available models — EC6, ES6 and ES8. This implies that the company is replacing the 70kWh version with the 75kWh pack.

Last month, Nomura analyst Martin Heung maintained a Buy rating on the stock with a price target of $71.1 (97.5% upside potential). The analyst expects the company to report a loss of $3.14 per share in the third quarter.

Overall, the stock has a Strong Buy consensus rating based on 6 unanimous Buys. The average Nio price target of $67.52 implies 87.5% upside potential. Shares have gained 101.7% over the past year.

According to TipRanks’ Smart Score rating system, Nio scores an 8 out of 10, suggesting that the stock is likely to outperform market averages.

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