$NIO Inc.(NIO)$ Nio still has one advantage. It differentiated itself by investing heavily in recent years in charging stations and battery-swapping technology. Analysts had thought the latter stood little chance of generating commercial returns. But Nio now has more than 2,400 fast-charging stations and 2,400 battery-swapping stations, among the largest network in China. Its battery swapping is gaining a local following and its charging stations reached profitability last year. Charging infrastructure will become an increasingly important factor in winning over EV buyers, and investors.
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