Nio Activates 1,500th Power Swap Station, Nears Year-End Target Of 2,300

Chinese electric vehicle maker Nio Inc NIO said that its 1,500th power swap station is now active.

What Happened: “The 1500th NIO Power Swap Station Up and Running,” Nio wrote on Twitter.

In February, Nio said that it intended to add 1,000 battery swap stations by year-end in China, taking the total number of stations to 2,300. As Nio nears the end of the first half, it has 800 more to build before year-end to meet forecasts.

The continuous deployment of power swap stations will provide a charging experience beyond refueling, the company said.

The Chinese EV maker is a proponent of the battery-swapping service over battery charging and claims that it takes just 3 minutes to swap a fully charged battery.

Why It Matters: Earlier this month, Nio said that it would no longer provide free battery-swapping services to new buyers. It also announced price cuts on six new models by 30,000 yuan or $4,200.

The announcement came soon after Nio reported first-quarter FY23 sales growth of 7.7% year-on-year to $1.56 billion, missing the consensus of $1.63 billion. Vehicle sales declined and vehicle margin contracted 1,300 basis points to 5.1%. Net loss for the quarter expanded to 4.7 billion yuan as compared to 1.8 billion yuan in the previous corresponding period

For the next quarter, Nio sees deliveries of 23,000 to 25,000, down by 8.2% – 0.2% year-over-year, and revenue of $1.27 billion to $1.36 billion, down by 15.1% to 9.0%.

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