Nio Ups Target For Battery Swap Stations To 700 For This Year: What You Need To Know

Nio Inc NIO now expects to have 700 battery swap stations online by the end of the year, 200 more than its previous estimates, the electric vehicle maker's president — Qin Lihong — said at the electric vehicle maker's Power Day event on Friday, as reported by cnEVpost.

What Happened: Nio aims to have more than 4,000 battery swap stations operating globally by 2025, with 1,000 of them in overseas markets.

The electric vehicle maker is scheduled to start selling vehicles in Norway, its first market outside China, beginning September, following which it aims to grow its presence in the rest of Europe and then the United States.

See Also: Nio's Next Move In Europe Could Be Battling Tesla In Crucial Market Germany, Indicates Job Post

Lihong reportedly said that Nio aims to add 600 battery swap stations per year starting next year until 2025. 

The company will bring 50 battery swap stations online in August alone, according to the report. Nio claims it will reach the 3-million milestone for battery-swap services to users in three days.

Why It Matters: Nio and rival Chinese electric vehicle maker Xpeng Inc XPEV have developed their own charging networks and are scaling up presence in China with eye on overseas expansion as well.

Bigger rival and Elon Musk-led Tesla Inc TSLA has been rapidly scaling up its charging infrastructure and has quickly deployed more than 25,000 chargers at over 2,700 stations around the world. 

See Also: Tesla Tells Norwegian Authorities Will Open Supercharger Network To All Automakers Next Year

Unlike Nio, Tesla’s charging network is so far exclusive for its own customers. As per reports, Tesla plans to begin opening up its Supercharger network to rival electric automakers starting September 2022.

Price Action: Nio shares closed 0.96% lower at $45.60 on Thursday.

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Photo: Courtesy of Nio.