What’s new: Chinese electric-vehicle (EV) maker Nio Inc. has signed an agreement with a sixth automaker to collaborate on expanding its network of battery swapping stations and charging facilities, its CEO said.
State-owned Guangzhou Automobile Group Co. Ltd. (GAC) (601238.SH) was the latest to join the alliance, under which the two automakers will work together on battery standards, vehicle research and development, and swapping network development and operation, Nio said in a statement.
By joining the network, GAC wouldn’t need to spend extra time developing a network of its own, Nio Chief Executive William Li said at a briefing Thursday.
By the end of April, Nio had more than 2,400 battery swapping stations across China, accounting for around 65% of the country’s total. In contrast, GAC Group has around 60 of the stations.
The background: With the deal, GAC joins Chongqing Changan Automobile Co. Ltd., Zhejiang Geely Holding Group Co. Ltd., Anhui Jianghuai Automobile Group Corp. Ltd., Chery Automobile Co. Ltd. and Lotus Technology Inc. in Nio’s swapping and charging network. Nio aims to make its battery swapping stations compatible with vehicles from all participating automakers.
Apart from making EV ownership more convenient, the move could also help ease consumers’ range anxiety — a worry that a vehicle’s battery might not be able to take them as far as they want to go — which remains an obstacle to EV adoption.
Contact reporter Kelsey Cheng (kelseycheng@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
