The Chinese EV startup plans to adhd astatine slightest 3,700 battery-swap stations for electrical vehicles by 2025 aft gathering astir 300 truthful far, it said astatine an inaugural Power Day lawsuit Friday. Around 1,000 of the full volition beryllium installed extracurricular of China, Bloomberg said. Nio's expanding successful Norway, wherever Tesla dominates.
Nio sees artillery swapping arsenic a cardinal differentiator. Tesla, the luxury EV person successful China that Nio's taking on, relies connected fast-charging stations for EV recharging. Tesla ditched artillery swap exertion years ago.
At the aforesaid time, Nio announced it volition physique much charging stations aft selling astir 120,000 EVs since deliveries archetypal began successful June 2018. Tesla has 850 Supercharger stations successful China.
At artillery swap stations, Nio's customers tin rapidly get their artillery exchanged for a caller 1 alternatively than a agelong hold to recharge their electrical vehicle. Last October, Nio announced its millionth artillery swap.
In June, Nio's EV income successful China roseate 20% period implicit period portion Tesla's June sales successful the state fell period implicit month. And Nio much than doubled June income twelvemonth implicit year.
EV income astatine Nio are fueled by its fashionable and innovative "battery arsenic a service" program, whereby customers bargain the car and lease the artillery for outgo savings. But Tesla isn't sitting idle.
On Thursday, Tesla debuted a mentation of its made-in-Shanghai Model Y that is cheaper aft authorities subsidies than its nonstop competitor, Nio's ES6 SUV.
Nio Stock, EV Stocks
Shares of Nio fell 1.8% to 44.76 connected the stock marketplace today, aft initially popping to 47.01 soon aft the open. Nio stock tested its 200-day enactment connected Thursday. Tesla mislaid a fraction.
HSBC expert Yuqian Ding upgraded Nio banal to bargain with a 69 terms target.
Nio besides volition physique much vehicles for its "valet" charging service, which has a mobile squad of workers fetch and instrumentality customers' cars for recharging, the institution said astatine Power Day. And it's taking its superchargers and swap stations to Norway, wherever it's expanding to further situation Tesla.
Meanwhile, Nio is considering a listing connected Hong Kong's banal market, wherever U.S.-listed Xpeng Motors (XPEV) debuted earlier this week successful a dual listing, section media said.
Xpeng banal sank 2.1%.
Find Aparna Narayanan connected Twitter at @IBD_Aparna.
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