Nio Partners With Mystery Automaker To Expand Battery Swap Network

Chinese electric vehicle maker Nio Inc NIO is reportedly adding yet another partner to its battery-swap business. The identity of the carmaker, however, remains under wraps.

What Happened: Nio signed a deal for its battery swap alliance business with another car company on Thursday morning, CnEVPost reported. The announcement was reportedly made by the company CEO William Li at a media event in Shanghai.

Battery swapping technology, contrary to the popular idea of EV charging, enables the replacement of a depleted battery with a fully charged one in minutes.

Why It Matters: Nio’s new partnership follows a series of strategic alliances aimed at improving battery-swapping technology.

In late November, Nio teamed up with Zhejiang Geely Holding Group to improve various aspects of battery technology, including standards for battery swapping, network expansion, swappable model development, and battery asset management.

Earlier in the same month, Nio inked a similar deal with Chongqing Changan Automobile Co.

Nio is now also working towards deploying 2,300 power swap stations across China by the end of the year.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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