Nio Achieves Year-End Goal with 1,000th Power Swap Station

Chinese EV maker Nio Inc (NYSE:NIO) launched its 1,000th Power Swap station this year on Friday, completing its deployment targets for the year.

What Happened: Nio launched its 1000th new power swap station at the Sha’anxi Nature Museum in Xi’an. The company announced the achievement on its X handle and reiterated faith in its power swap technology over refueling.

In February, Nio said that it intended to add 1,000 battery swap stations by year-end in China, taking the total number of stations to 2,300. The company has now successfully met its targets.

Why It Matters: Nio’s power swap stations allow electric vehicle owners to quickly swap out their depleted batteries for fully charged ones, significantly reducing wait times typically associated with EV charging. The company claims that swapping a fully charged battery takes just 3 minutes. 

This contrasts with most EV players, including giant Tesla, Volkswagen, and General Motors, who rely on solely charging for their EVs.

Nio in recent days has also been teaming up with different players for its battery swap business.

In late November, Nio teamed up with Zhejiang Geely Holding Group to improve various aspects of battery technology, including standards for battery swapping, network expansion, swappable model development, and battery asset management.

Earlier in the same month, Nio inked a similar deal with Chongqing Changan Automobile Co.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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