The two firms' first power battery exchange station, Chaoying, started operations in Beijing today. They will also cooperate in developing smart NEVs, a battery rental business and NEV sales.
Wider use of NEVs in China has bolstered demand for battery charging and exchange services. The country's NEV production during January-March reached 535,000 units, up by 320pc from a year earlier, and sales increased by 280pc to 515,000 units.
Most other major cities in China have also come up with supportive NEV policies. Beijing is on track to build at least 50,000 NEV charging points and around 100 battery exchange stations before the end of 2022.
Sinopec plans to build 5,000 charging stations and power battery exchange stations by 2025 to consolidate its dominant position in the transportation energy market, according to chairman Zhang Yuzhuo.
The Chaoying station is Nio's 201st power battery exchange station in China. Nio is planning an increase to 500 power exchange stations nationwide by the end of 2021.
Argus assessed the range for 99.5pc grade lithium carbonate, one of the main feedstocks for power batteries, at 87,000-92,000 yuan/t ($13,320-14,085/t) ex-works today, stable since 8 April.