Tesla's Chinese Rival Nio Juices Up Its European Expansion - NIO (NYSE:NIO)

Electric vehicle maker NIO Inc NIO accelerated its European expansion, TechCrunch reports.
The premium EV maker just launched its first power-swapping station in Varberg, Sweden, the company said in a LinkedIn post.
Nio differentiates itself from its rivals by offering swappable batteries, which are upgradable and charge a monthly subscription fee, on top of the traditional plug-and-charge model.
Also Read: Tesla Opens Up Its EV Charging Walled Garden To Non-Tesla EVs
As of November 6, the company had installed 1,200 swapping stations across China.
The company said on its November earnings call that it planned to install 20 power swapping stations across Europe by the end of 2022 and increase the tally to 100 by next year.
Nio began expanding in Europe last year, starting in Norway.
XPeng Inc XPEV, Nio’s Chinese rival, also picked Norway as the first stop in its European expansion.
The company began by offering lease-only for its models in all European countries except Norway but shortly added the option for customers to purchase the vehicles after initial market feedback.
It’s also ramped up its operational footprint in Europe, with an R&D center in Berlin.
The carmaker now operates “Nio Houses, “which are essentially product showrooms and customer clubs, in ten major European cities.
Price Action: NIO shares traded lower by 3.56% at $10.29 on the last check Friday.