NIO Inc. (NYSE:NIO) is facing a decline in premarket trading despite positive developments for its sub-brand Onvo, which is making strides in expanding its battery swap infrastructure.
Onvo, aiming to enhance its services during the Chinese New Year travel rush, plans to add 1,000 additional 60-kWh battery packs to its swap stations, particularly focusing on key highway segments, reports CnEV Post.
This will ensure that drivers have access to more batteries during the holiday period, with free battery swap services offered along highways. Xia Qinghua, Onvo’s vice president, shared this update through a post on the Onvo app.
In a significant milestone, NIO recently celebrated the launch of its 3,000th battery swap station in Harbin, Heilongjiang province, pushing its total to 3,003 stations across China, including 949 strategically placed along highways.
This expansion is crucial to support NIO’s growing electric vehicle fleet.
Additionally, NIO reported impressive sales growth for December, delivering 31,138 vehicles, a 51% increase compared to November and a 72.9% year-over-year rise.
A significant portion of these deliveries came from Onvo’s affordable EV brand, which includes the newly launched L60 model that began deliveries in late September.
Price Action: NIO shares are trading lower by 3.10% to $4.37 premarket at last check Wednesday.
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