China’s Nio raises US$2.6 billion bet on EV battery swapping, plans to add 1,000 stations

South China Morning PostEN 2 min read 100% complete by Daniel RenFebruary 9, 2026 at 08:00 AM

AI Summary

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Chinese EV maker Nio plans to expand its battery swapping network by adding 1,000 stations in 2024, building on its existing 3,729 stations. This expansion represents a continued $2.6 billion investment in battery swapping technology, which allows compatible Nio EVs to exchange depleted batteries for fully charged ones in approximately three minutes. Nio CEO William Li stated the company reached 100 million swaps, signifying acceptance of the technology in China. Despite partnerships with companies like Geely and FAW to promote swapping, the technology faces increasing competition from advancements in ultra-fast charging technology for conventional EVs. Nio launched its first swap station in 2018 and believes battery swapping is a major option for EV charging in China.

Key Entities & Roles

Key Player Opposition Context

Shenzhen 30% Hong Kong 30% Suzhou Hazardtex 40% Davis Zhang 50% FAW 60% Geely 60% William Li 70% China ×280% Nio ×690%

Keywords

battery swapping 100% nio 90% electric vehicles 90% ev battery 80% charging stations 70% fast charging 70% china 60% ultra-fast charging 60% range anxiety 50%