NIO Inc. (NYSE:NIO) shares are trading higher on Tuesday.

According to a report from CnEV Post, the company expanded its battery swap network by adding 65 new stations in China in October.

The report, citing an update shared on the NIO App, said this brings the total number of battery swap stations to 2,621 by the end of October.

Among the 65 newly installed stations, 21 are strategically placed along highways, and all feature the company's latest fourth-generation technology.

As of today, Nio operates 2,632 battery swap stations in China, with 873 of them situated along highways, according to data tracked by CnEVPost.

According to Benzinga Pro, NIO stock has lost over 33% in the past year. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF (NASDAQ:PGJ).

Also Read: What's Going On With US Listed Chinese Stocks Like Alibaba, JD, Nio On Tuesday?

Meanwhile, NIO is reportedly working on a hybrid electric car under the Firefly brand.

The hybrid model will be sold in overseas markets including the Middle East, North Africa, and Europe but not within China, according to a Reuters report.

Currently, NIO manufactures only battery electric vehicles.

Nio investor Abu Dhabi investment vehicle CYVN Holdings suggested the hybrid model to boost sales in the Middle Eastern markets where there is not sufficient charging infrastructure for mass adoption of BEVs.

While the vehicle is slated for launch in late 2026, deliveries are expected to commence in 2027.

Price Action: NIO shares are trading higher by 2.92% to $5.29 at last check Tuesday.

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