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Nio Inc. (NYSE:NIO) has opened five new battery swap stations in China as the Chinese electric vehicle maker embarks on an aggressive expansion strategy, cnEVpost reported Sunday.
What Happened: Nio now has a total of 282 battery swap stations in China, as per the report.
In addition, the company currently has 194 supercharging stations, 371 destination charging stations and access to more than 380,000 third-party charging piles in China, the report added.
See Also: Tesla's Battery Charging Vs. Nio's Battery Swapping: What Investors Should Know
Why It Matters: Seen as a Tesla Inc. (NASDAQ:TSLA) rival, Nio has pioneered the concept of battery-as-a-service that would allow users to rent a battery instead of purchasing one, helping to trim the cost for EV owners.
Nio’s second-generation battery swap station, unveiled in January this year, can accommodate 13 batteries and has a daily capacity of up to 312 swaps. Battery-swapping provides the advantage of saving time as opposed to charging.
Nio aims to have 500 battery swap stations in operation nationwide by the end of this year. Several government departments and Chinese cities have supported the construction of battery swap infrastructure.
However, Ark Invest analyst Sam Korus said in a note in May that government support in the form of subsidies will harm Nio's global ambitions in the long run. The economics associated with battery swapping will lead to design constraints and shortened battery lives, according to the analyst.
Price Action: Nio shares closed almost 0.9% lower in Friday’s trading session at $45.07.
Read Next: Nio Named Most Promising Brand For Growth In China Survey
Photo: Courtesy of Nio
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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