China’s electric car startups NIO, Xpeng to share charging stations

A staff member of XPeng Motors stands next to the charging station at company's booth during the media day for Shanghai auto show in Shanghai, China April 17, 2019. REUTERS/Aly Song/File Photo

Chinese electric-vehicle manufacturers NIO Inc. and Xpeng Motors agreed to share charging stations as well as related services and data, seeking to spur EV demand and curb costs.

NIO and Xpeng customers can charge their cars using either companies’ facilities with no extra fees, the companies said Wednesday. NIO will also provide home-charger installation services for some Xpeng customers.

The companies are trying to lure buyers as electric-car demand wanes in the world’s largest market, partly because of customer concerns over EVs’ limited driving ranges and scarce availability of charging infrastructure. Industry sales in China have slumped for five straight months since the government reduced subsidies for electric cars.

Yet China is among the world leaders in EV adoption, and has about eight public chargers for each one in the U.S.

China Charges Ahead of U.S. in Building Pumps for Electric Cars

The pact may help the upstarts limit soaring costs as they ramp up production. Each company has sold more than 10,000 cars in China this year, making them among the more established of the country’s hundreds of aspiring EV companies.

Tencent Holdings Ltd.-backed NIO reported a loss of $2.8 billion in the 12 months ended June on revenue of $1.2 billion, with its shares plunging more than 60% this year. The company is aggressively expanding its sales efforts and taking comprehensive measures to reduce costs, Chief Executive Officer William Li said on an earnings call in September.

Closely held Xpeng Motors said last month it raised $400 million and has acknowledged the challenge of attracting investors in the sluggish market.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.