Nio's Second-gen Battery Swap Station To Come In Two Versions: Report

Nio Inc NIO shares are reversing some of the losses they accumulated in the previous three sessions amid a sector-wide rebound. Separately, a report in a local Chinese media outlet offered a further glimpse into the company's second-gen battery swap station.

What Happened: Nio, which took the wraps off its next-gen swapping stations at the Nio Day in January, will come up with two versions of it: one that requires the vehicle to be lifted and another that obviates the need for lifting the vehicle, the CnEVPost reported, citing Tencent News.

The time required to perform the battery swap is the same at 4.5 minutes, the report said.

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Why It's Important: Nio is banking on service offerings to make an impact on customers. Battery-swapping confers the advantage of saving on time as opposed to charging, and Nio is one of the proponents of this concept. In the past, it has drawn flak from rival Tesla, Inc. TSLA, which is a big fan of battery charging rather than swapping.

Nio said in a blog on Thursday it completed 2 million battery swaps. Power swap would facilitate upgrading of the battery, allowing users to enjoy the progress of battery technology, it added.

The company also confirmed that it plans to deploy its Nio Power Swap 2.0 by mid-April, with reports speculating that it could be at one of Sinopec Shanghai Petrochemical Co.'s SHI gas filling stations.

NIO Price Action: Nio shares were up 2.65% to $37.94 Thursday afternoon.

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(Photo: Nio)