KEY STAT | Nio reaches milestone for battery-swap program

Electric vehicle (EV) manufacturer Nio (NYSE: NIO) announced that its power swap stations across China have completed 2 million battery swaps until Wednesday, according to the firm’s Weibo post.

Rolled out in 2018, the swap stations provide a fast-charging experience that allows drivers to replace their used batteries with fully-charged ones within just five minutes instead of waiting for hours.

Last year, the company launched a battery-as-a-service program that lowers the price of an EV. Models sold under the scheme don’t include batteries, but a lease deal with a monthly subscription fee, KrASIA reported.

The EV maker now runs 193 battery swap stations in the country, according to the same post, with a goal of reaching 500 by the end of this year.

Read this: I hate it when my car dies: Nio and Tesla’s visions for China’s EV charging infrastructure

This article is part of KrASIA’s“Key Stat”series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.