All eyes are on Nio (NYSE:NIO) stock, as today is the company’s Power Day event. The Chinese electric vehicle (EV) company was expected to unveil details about its new 150-kWh battery pack. However, Nio explained that the battery pack will be coming soon and that it will host an event exclusively for it.
Nio kicked off the event by providing metrics concerning its battery swap stations. The company has installed 1,564 battery swap stations in China. This figure should reach 1,600 by next week. There are also 1,509 supercharging stations in China that provide access to 7,394 superchargers. In Europe, Nio plans on installing 50 battery swap stations by the end of the year. In August, Nio will install its first third-generation battery swap station in Europe.
NIO Stock: Nio Kicks Off Power Day Event
Nio currently has 1,012 battery swap stations involved in grid load shifting, while 60% of all Nio vehicles source their power from battery swapping stations. To select battery installation sites, the company has utilized Athena, which sources big data to make a recommendation. Athena’s recommendations have had a 93% overlap with user location requests.
Afterward, Director Qin Lihong took the stage to explain the benefits of battery swapping. The process is as fast as refueling and improves safety, as batteries are checked during every swap. Additionally, battery swapping can help lower the barriers to entry for vehicle purchases and reduce energy waste due to vehicle interaction.
Nio also revealed details concerning its battery flexible upgrade program. Before the program was launched, around half of customers selected the standard-range battery pack, while the remaining selected the 100-kWh long-range battery pack. Following the program, 90% of customers now choose the standard pack, which can reduce raw battery material costs by 17%. Customers can upgrade from a 70/75 kWh standard battery pack to a 100-kWh long-range pack for about $7 per day. Nio has provided over 80,000 battery upgrades since the inception of the program.
This month, Nio expects to install over 100 battery swap stations. The company has a goal of adding 1,000 battery swap stations by the end of the year, and it expects to reach this goal a month early.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
