$NIO Inc.(NIO)$ The individual

The individual cost of Nio’s second-generation battery swap station is reportedly RMB 1.5 million ($236,850), half the cost of the company’s first-generation product. Nio’s battery swap station construction costs will be significantly reduced if it can take advantage of the Chongqing city subsidy

Nio built its first second-generation battery swap station in the city on May 9.

It is relying on service offerings to make an impact on customers in China. The company has pioneered the concept of battery-as-a-service that would allow users to rent a battery instead of purchasing one, helping to trim the cost for EV owners.

At the NIO Day event in January this year, Nio unveiled its second-generation battery swap station, which can accommodate 13 batteries and has a daily capacity of up to 312 swaps. Nio aims to have 500 battery swap stations in operation nationwide by the end of this year.

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