U.S. listed Chinese electric vehicle maker Xpeng Inc (NYSE:XPEV) has denied it is planning a foray in the battery-swap business, CnEVpost reported on Thursday.
What Happened: The Guangzhou, China-based Xpeng reportedly said it has instead been expanding its network of supercharging stations.
The electric vehicle maker, which competes with local rival Nio Inc (NYSE:NIO), does not plan a battery-swap foray, at least for the models currently planned.
See Also: Why Fitch Sees Tesla As A Major Competitor To Its Own Battery Supplier CATL
Why It Matters: Nio is among early adopters of the battery-swapping service and has been aggressively scaling up the offering.
The Shanghai, China-based company operated nearly 800 of the 1,300 battery-swap stations in China at the end of 2021. Nio aims to add 500 to 600 battery-swap stations each year.
Xpeng and industry leader Tesla Inc (NASDAQ:TSLA) have been scaling up their supercharging network. Tesla has over 30,000 superchargers globally, over 8,000 of which are in China.
Price Action: Tesla shares closed 0.1% higher at $923.39 a share on Wednesday.
Photo: Courtesy of Xpeng
