$NIO Inc (NIO.US)$ first 10 third-generation battery swap stations will reportedly go live at the end of this month, earlier than scheduled.
What Happened: Nio's first 10 third-generation battery swap stations will go online on March 28, ahead of a previously announced timeline, reported CnEVPost. Nio reportedly posted an article on its mobile app pertaining to the launch.
The Chinese EV maker unveiled the third-generation power swap station on Nio Day in December. The third-generation power swap station adopts a new power swap mode, raising capacity to 408 swaps per day, a 30% increase compared with the second-generation power swap station.
In February, it was reported that Nio expects to add 1000 battery swap stations in 2023 as opposed to the 400 stations target it announced in December. Nio would have 2,300 battery-swap stations by year-end if the forecast is achieved.
Nio is among the early adopters and proponents of the battery-swapping service over battery charging. Nio claims that it takes just 3 minutes to swap a fully charged battery.
Price Action: NYSE-listed ADRs of Nio closed 2.8% lower on Friday at $8.265.