Nio Inc (NYSE: NIO) now aims to have 700 battery swap stations available by the end of the year, 200 more than its prior forecasts, according to Qin Lihong, the electric vehicle maker’s president, who spoke at Nio’s Power Day event on Friday, as reported by cnEVpost.
What happened was this: By 2025, Nio hopes to have over 4,000 battery swap stations running around the world, with 1,000 of them in foreign markets.
Beginning in September, the electric car manufacturer plans to begin selling vehicles in Norway, its first market outside of China, with plans to expand into the rest of Europe and ultimately the United States.
See also: Nio’s Next Move In Europe Could Be a Battle With Tesla In Germany, According To A Job Post
According to Lihong, Nio plans to add 600 battery swap stations per year starting next year and continuing until 2025.
According to the article, the corporation would launch 50 battery swap stations in August alone. In three days, Nio boasts, it will achieve the 3-million-user mark for battery-swap services.
Why Does It Matter? Nio and Xpeng Inc (NYSE: XPEV), a Chinese electric vehicle manufacturer, have built their own charging networks and are expanding their footprint in China, with plans to expand internationally as well.
Tesla Inc (NASDAQ: TSLA), a larger rival led by Elon Musk, has been aggressively ramping up its charging infrastructure, deploying over 25,000 chargers at over 2,700 stations throughout the world.
Also see: Tesla has informed Norwegian authorities that its supercharging network will be open to all automakers next year.
Unlike Nio, Tesla’s charging network is now only available to Tesla customers. According to sources, Tesla aims to offer up its Supercharger network to rival electric vehicle manufacturers in September 2022.
Nio shares ended the day 0.96 percent lower at $45.60 on Thursday.
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Nio’s photo is used with permission.
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