Chinese electric vehicle maker Nio Inc.’s NIO manufacturing partner JAC Motors has launched two battery swap-enabled car models for the cab market, cnEVpost reported Wednesday.
What Happened: JAC has launched two battery swap-enabled variants of the iEVA50 model, priced at RMB 129,800 ($20,638) and RMB 133,800 ($21,274) respectively, as per the report.
The two new variants look similar to the current iEVA50 model, but have support for battery swap that JAC claims can be completed within three minutes, the cnEVpost report added.
See also: How to Buy Nio Stock
JAC is now reportedly the third company in China to offer battery-swap models for the cab market, after Beijing Electric Vehicle Co Ltd and SAIC’s Roewe brand. However, Nio remains the only vehicle maker to deliver battery-swap models on a large scale for general consumers.
See Also: Nio's May Deliveries Slip Sequentially Amid Volatile Chip Supply
Why It Matters: The Chinese government announced in April that it is extending the subsidy meant for electric vehicles priced below RMB 300,000 ($47,700) through the end of 2022. The government also extended subsidies for higher-priced vehicles with battery-swapping capability in a bid to promote this technology.
Several government departments and Chinese cities have supported the construction of battery swap infrastructure. It was reported in May that the city of Chongqing will provide subsidies of up to 500,000 yuan ($79,500) for each battery swap station built and put into operation in the city.
Price Action: Nio’s shares closed 9.6% higher in Tuesday’s trading at $42.34.
Read Next: Nio Opens Second Line Under Power Up Plan: What You Need To Know
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