Is Xpeng Following Rival Nio Into Battery Swap Business? What You Need To Know

U.S. listed Chinese electric vehicle maker Xpeng Inc XPEV has denied it is planning a foray in the battery-swap business, CnEVpost reported on Thursday.

What Happened: The Guangzhou, China-based Xpeng reportedly said it has instead been expanding its network of supercharging stations.

The electric vehicle maker, which competes with local rival Nio Inc NIO, does not plan a battery-swap foray, at least for the models currently planned.

See Also: Why Fitch Sees Tesla As A Major Competitor To Its Own Battery Supplier CATL

Why It Matters: Nio is among early adopters of the battery-swapping service and has been aggressively scaling up the offering.

The Shanghai, China-based company operated nearly 800 of the 1,300 battery-swap stations in China at the end of 2021. Nio aims to add 500 to 600 battery-swap stations each year.

Xpeng and industry leader Tesla Inc TSLA have been scaling up their supercharging network. Tesla has over 30,000 superchargers globally, over 8,000 of which are in China.

Price Action: Tesla shares closed 0.1% higher at $923.39 a share on Wednesday.

Photo: Courtesy of Xpeng