NIO Inc. (NYSE:NIO) shares are trading higher in the premarket session on Wednesday.
According to Benzinga Pro, NIO stock has gained over 6% in the past month. Investors can gain exposure to the stock via KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS) and Invesco Golden Dragon China ETF (NASDAQ:PGJ).
Last month, the electric vehicle (EV) manufacturer increased the number of battery swap stations by 40 in China, as documented on the Nio App today, reported CnEV Post.
This figure represents a significant rise from the 19 stations added in July, although it remains lower than last year.
The report read that 35 of the battery swap stations added last month were the latest fourth-generation models. This indicates that NIO also introduced five older-generation stations in August.
NIO revealed its fourth-generation swap stations during Nio Day 2023 on December 23, 2023, and began operating the first of these new stations on June 13, 2024.
At NIO Day 2023, the company announced plans to add 1,000 battery swap stations in 2024. However, in July, NIO founder, chairman, and CEO William Li suggested that this target might be postponed.
By the end of 2023, NIO had 2,316 battery swap stations in China. As of the end of August, this number had risen to 2,498, and it currently stands at 2,504.
At its Power Up 2024 event on August 20, the company detailed its progress and new infrastructure plans, aiming for its battery swap station network to cover over 2,300 counties by December 31, 2025.
NIO has already begun implementing its Power Up Counties plan, with five county-level regions seeing their first Nio battery swap station go live in August, as reported today.
In August, NIO performed 2.37 million battery swap services, averaging 76,680 per day. This equates to approximately one battery swap service completed every 1.13 seconds.
On average, each NIO user utilized the battery swap service four times in August, with each swap taking about three minutes, the report highlighted
Price Action: NIO shares are trading higher by 2.65% to $4.26 premarket at last check Wednesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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