Nio Inc. (NYSE:NIO) has entered into a charging agreement with Beijing-based oil refiner Sinopec, allowing its drivers to charge across several Sinopec EV chargers across China, the EV maker said on Tuesday.

What Happened: Nio drivers can now search for and use Sinopec EV chargers across China on the Nio App or the vehicle's center display, the company said.

The new agreement is aimed at increasing the EV charging infrastructure available to the EV company's consumers.

Why It Matters: The partnership between Nio and Sinopec dates back years. In April 2021, the two signed an agreement to develop battery charging and swap infrastructure. A year later, the two had built the 175th battery charging and swapping station together.

Nio and Sinopec did not immediately respond to Benzinga's requests for comment on details about the agreement.

In the first half of 2024, Sinopec witnessed its operating revenue slip 1.1% year-on-year to 1.58 trillion yuan owing to weak diesel demand and the rapid growth of electric vehicles As a result of changing market dynamics, the company is now also growing its EV battery charging network.

From January through June, the company recorded operating revenue from the EV charging business of 0.43 billion yuan ($0.061 billion).

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