EV Maker Nio Marks Battery Swap Network Milestone, Rumors Swirl Around 2nd Onvo Electric SUV

NIO Inc. NIO announced Wednesday that it has completed the installation of nine battery-swapping expressway networks in China. The EV maker is also set to release a new SUV model under its Onvo sub-brand sometime next year, though rumors are swirling that it could be sooner than expected. Here's a look at what's ahead for the China-based EV company. 

The Details: According to a report from CnEVPost, Nio has achieved battery swap station network coverage of nine horizontal highways, seven vertical highways, and 12 urban clusters in China. The milestone is part of Nio's plan to ​​build a battery swap network covering nine vertical highways, nine horizontal highways and 19 urban clusters throughout the country.

The EV maker had previously set a goal to achieve the planned network by 2025, but the company is making steady progress towards its goal with the latest milestone announced Wednesday. 

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Nio announced Friday that it delivered 20,976 vehicles in October, including 16,657 Nio brand vehicles and 4,319 Onvo brand vehicles. Deliveries of the first Onvo vehicle, the L60, began in late September, making October the first full month of sales for the affordable, family-oriented Nio sub-brand. 

Onvo has plans for a second electric SUV with deliveries scheduled for the third quarter of 2025. However, a report from CnEVPost claims the second Onvo model will be a six- or seven-seat electric SUV and will debut by the end of the first quarter in 2025. The report cited local tech media outlet Leiphone. 

"If you think the L60 is good, then this new model is a much more competitive product," Nio CEO William Li said during the L60 launch.

As of Oct. 31, there are 166 Onvo Centers and Onvo Spaces for drivers to experience and purchase Onvo EVs across 60 cities and Onvo users can access 584 Nio Power Swap Stations in China. 

NIO Price Action: According to Benzinga Pro, Nio shares ended Friday's session flat at $5.10. 

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Image: Courtesy of Nio, Inc.