Nio climbs after completing a million battery swaps in less than a week over the Lunar New Year holiday

1M 🔋🔁

Chinese EV maker Nio is climbing on Monday following news that the company provided a million battery swaps in China in less than a week. Nio shares are up about 6%.

Nio’s battery swap process is an alternative to charging. Depleted EV batteries are swapped out at stations for fully charged ones in less than three minutes — significantly faster than fast charging.

The company, which operates 3,750 swap stations, said it has broken daily swap records in China six times this month, as millions travel across the country over the Lunar New Year holiday. On Sunday, Nio performed 177,627 swaps.

Earlier this month, Nio CEO William Li said the company would add 1,000 swap stations this year.

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