China-based automobile manufacturer Nio has announced its plans to construct 1,000 battery-swapping stations for electric vehicles (EV) in the country, reported Reuters.
According to Nio founder and chairman William Li, the firm aims to take the total count of such facilities to 2,300 by the end of this year.
Go deeper with GlobalData
The firm plans to construct 400 battery-swapping stations along the highways and 600 stations in cities, emphasising Tier III and IV cities and counties.
This move represents the expansion of the company’s plans announced in December last year on building 400 battery swapping stations this year.
By leveraging the batter-swapping approach, drivers can swiftly replace drained packs with completely charged ones instead of plugging the EVs into the charging point.
The swapping method is expected to reduce the increasing burden on power grids. However, experts warn that this solution may become significant only if batteries become standardised throughout the industry.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataNio is one of the few EV manufacturers counting on battery swapping as one of the primary power solutions for EVs.
EV manufacturer BYD also reportedly plans to construct a new factory for producing EV batteries in China with an investment of $1.2bn.
BYD’s battery unit FinDreams Technology plans to construct the facility with a production capacity of 40GWh annually of its Blade Battery.
This facility is expected to be built in Zhengzhou of Henan province.
