U.S. listed Chinese electric vehicle maker Nio Inc (NYSE: NIO) on Monday walked back on its offer to only rent its mobile charger that can power other electric vehicles after facing backlash over the lack of choice to buy it instead, CnEVpost reported, citing the company.
What Happened: Nio on Monday launched a mobile charger for home use that can power other vehicles or appliances, with only a rent option.
It sparked outrage among Nio owners who felt there should be an option to buy the device.
"It was wrong previously to offer a rent-only model, and we sincerely apologize to everyone. We will immediately add the purchase option, which can be rented or purchased, and users will choose at their discretion according to their needs," the report quoted Shen Fei, senior vice president of Nio Power, as saying.
Owners will now be able to buy or rent the device which is expected to be available from mid-June onwards.
See Also: Why Nio Stock Could Soar 50% Higher If This Trend Continues
How It Works: The charger supports all of Nio’s product lineup, including the three SUV models, ES8, ES6, and EC6, and the ET7 sedan.
Owners can use a 220V household plug with a maximum power of 2.85 kW to charge their vehicles. The charger relays power at 3.3 kW while transferring the charge to another vehicle.
Price Action: Nio shares closed 6% higher at $19.2 on Monday, according to data from Benzinga Pro.
